HK Organization signs $26.8M refi with Athene Holding for 88-unit elevator building in Vinegar Hill

HK Organization through the entity 99 Gold Property LLC as borrower signed a refi loan with lender Athene Holding through the entity Athene Annuity And Life Company valued at $26.8 million for the 88-unit residential elevator building at 99 Gold Street in Vinegar Hill, Brooklyn.
The deal closed on December 17, 2021 and was recorded on January 26, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $35 million.
The property has 109,875 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $243 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on December 27, 2012, for $6.4 million.
The signatory for HK Organization was Harry Kotowitz.
The 109,875-square-foot property generated revenue of $3.8 million or $35 per square foot, according to the most recent income and expense figures.

One of the projects were to change the building from a COM to a J-2and change the number of residential units from 0 to 88 and were permitted on April 9, 2007.
Kotowitz is head of HK Organization.
In Vinegar Hill, the majority, or 62 percent of the 2.3 million square feet of built space are residential elevator buildings, with office buildings next occupying 12 percent of the space. In sales, Vinegar Hill has had very little sales volume relative to other neighborhoods with $87.4 million in sales volume in the last two years. For development, Vinegar Hill has had very little major development activity relative to other neighborhoods.It had 54,302 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 60 percent of the 240,964 square feet of built space are residential elevator buildings, with specialty buildings next occupying 39 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Harry Kotowitz, head officer and Victor Alia, agent. The business entities are Metropolitan Property Services Inc and 99 Gold Property Llc.
Within a 400-foot radius of 99 Gold Street, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were in new building development. There were one new building permit application and two new building permits. The most recent of these three items was a filing on December 30, 2021 for a 147,196-square-foot R-2 building with 218 residential units at 218 Front Street.
Of those 10 items, three were sales above $5 million totaling $83.4 million. The most recent of the three was Urban Realty Partners which bought the 41,871-square-foot, one-unit industrial (E1) on 218 Front Street for $48.5 million from Emily M. Wang on November 8, 2021.
Of those 10 items, four were loans above $5 million totaling $69.8 million. The most recent of the four was Urban Realty Partners which borrowed $36 million from Popular Bank secured by the 41,871-square-foot, one-unit industrial (E1) on 218 Front Street on November 8, 2021.

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