Hudson Companies signs $72.5M refi with Apollo for 250-unit rental in East Flatbush

Hudson Companies through the entity Sandy 350 LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $72.5 million for the 250-unit residential elevator building (D6) at 350 Clarkson Avenue in East Flatbush, Brooklyn.
The deal closed on September 29, 2023 and was recorded on October 5, 2023. The prior lender was Wells Fargo which held debt that had an original loan amount of $63 million.
The property has 225,332 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $321 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 March 16, 2015, for $13.1 million. The signatory for Hudson Companies was David M. Kramer.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jorge Jorge, head officer and Daniel Papa, officer. The business entities are Lisa Management and 350 Clarkson LLC.

The property

The residential elevator building with 250 residential units in East Flatbush has 225,332 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 250 feet and is 200 feet deep with a total lot size of 50,012 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $40.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.


For the tax lot building, it received its initial certificate of occupancy on November 23, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 627,631 square feet of the 731,577 square feet. The largest owner is WGL Group, followed by Samuel B. Cynamon and then Kamran B. Neman.
On the tax block, there were two new building construction projects totaling 58,416 square feet. The largest is a 51-unit, 37,821 square-foot residential (R-2) building submitted by SGW Properties and filed by Ari Hecht with plans filed June 5, 2017 and it has not been permitted yet. The second largest is a 28-unit, 20,595 square-foot residential (R-2) building submitted by Isaac Stern with plans filed January 21, 2016 and permitted January 13, 2017.

The majority, or 93 percent of the 731,577 square feet of built space are elevator buildings, with mixed-use buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Hudson Companies owned at least 59 commercial properties with 2,381 residential units in New York City with 2,539,242 square feet and a city-determined market value of $308.6 million. (Market value is typically about 50% of actual value.) The portfolio has $404.8 million in debt, with top three lenders as MLN Partners, Starwood Capital Group, and Ares Management respectively. Within the portfolio, the bulk, or 69 percent of the 2,539,242 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. The bulk, or 96 percent of the built space, is in Brooklyn, with Manhattan next at 4 percent of the space.

Direct link to Acris document. link

Share this article