Isaac Herskovitz signs $23.9M refi with Popular Bank for five properties in NYC

Isaac Herskovitz through the entity 2390 Hoffman LLC as borrower signed a refi loan with lender Popular Bank through the entity Popular Bank valued at $23.9 million for five properties including the 40-unit residential walkup building at 155 South 4th Street in Williamsburg, Brooklyn, 21-unit residential walkup building at 5217 13th Avenue in Borough Park, Brooklyn, and 20-unit residential walkup building at 2390 Hoffman Street in Belmont, Bronx.
The deal closed on December 30, 2021 and was recorded on January 21, 2022. The prior lender was Bridge Investment Group which held debt that had an original loan amount of $11.7 million.
The five properties have 80,516 square feet of built space and 2,600 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $296 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 Isaac Herskovitz was Isaac Herskovitz. The signatory for Popular Bank was Sana Khaliq.
Out of the five properties, four with a total of 80,516 square feet of built space generated revenue of $1.7 million per year.

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were eight pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 44 percent of the 288,227 square feet of built space are residential walkup buildings, with walkup buildings next occupying 34 percent of the space.
The owner according to the Department of Housing Preservation and Development is Robinson Urena, head officer. The business entity is Cvel Realty Corp.
Within a 400-foot radius of 155 South 4th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit issued on February 5, 2021 for a 64,390-square-foot R-1 building with 216 residential units at 361 Bedford Avenue.
Of those four items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 9, 2020 for the $1.7 million renovation of 7,345-square-foot R-2 building with seven residential units at 376 Bedford Avenue.
Of those four items, two were loans above $5 million totaling $79.4 million. The most recent of the two was Lightstone Group which borrowed $68 million from G4 Capital Partners secured by the 0-square-foot development site (V1) on 359 Bedford Avenue on August 18, 2021.

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