Hung Pin Hung signs $7.2M refi for 24-unit rental in Bedford Stuyvesant

Hung Pin Hung through the entity 881 Lexington Avenue LLC as borrower signed a refi loan with lender TD Bank valued at $7.2 million for the 24-unit residential elevator building (D6) at 881 Lexington Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on March 14, 2023 and was recorded on March 22, 2023. The prior lender was Investors Bank which held debt that had an original loan amount of $6.8 million.The property has 24,940 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $286 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 signatory for Hung Pin Hung was Hung Pin Hung. The signatory for TD Bank was Leo Weiner.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Hung Ping Hung, head officer and Robert Yu Silverblatt, agent. The business entities are True Management and 881 Lexington Avenue Llc.

The property

The 881 Lexington Avenue parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million.The most recent loan totaled $6.8 million and was provided by Investors Bank on August 27, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two housing violations and one housing litigation in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 18, 2022. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 22 commercial properties representing 165,335 square feet of the 252,258 square feet. The largest owner is Shlomo Karpen, followed by Seth Caller and then Services for the Underserved.
On the tax block, there was one new building construction project filed totaling 21,143 square feet. It is a 29-unit, 21,143-square-foot R-2 building developed by Yosef Beer with plans filed September 25, 2019 and permitted December 29, 2020.

The majority, or 64 percent of the 252,258 square feet of built space are elevator buildings, with walkup buildings next occupying 15 percent of the space.

The borrower

The PincusCo database currently indicates that Hung Pin Hung owned at least two commercial properties in New York City with 24,940 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from Investors Bank. Within the portfolio, the bulk, or 100 percent of the 24,940 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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