Jacob Fulop signs $11.8M construction loan with Bank Leumi for dev site in Crown Heights

Jacob Fulop through the entity President Lofts LLC as borrower signed a new construction loan with lender Bank Leumi valued at $11.8 million for two industrial buildings as a development site at 1040 President Street in Crown Heights, Brooklyn.
The deal closed on January 14, 2022 and was recorded on February 9, 2022. The prior lender was Bank Leumi which held debt that had an original loan amount of $4 million.
The two properties have 0 square feet of built space and 19,719 square feet of additional air rights for a total buildable of 19,719 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $595 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 Jacob Fulop was Jacob Fulop. The signatory for Bank Leumi was Christopher Polito.

In Crown Heights, the bulk, or 27 percent of the 66.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 27 percent of the space. In sales, Crown Heights has 1.2 times the average sales volume among other neighborhoods with $336.3 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Crown Heights has 1.7 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.6 million 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 72 percent of the 442,381 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 18 percent of the space.
Within a 400-foot radius of N/A President Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit application filed on August 7, 2020 for a 34,353-square-foot R-2 building with 55 residential units at 1044 President Street.
Of those six items, three were for major renovation including a certificate of occupancy change. They were three permits with a total initial cost of $2.4 million. The most recent of these three items was the permit on May 17, 2021 for a 6,898-square-foot R-2 building with eight residential units at 1015 President Street.
Of those six items, two were loans above $5 million totaling $11.6 million. The most recent of the two was Pinnacle Group which borrowed $6.5 million from New York Community Bank secured by the 55,012-square-foot, 70-unit rental (C1) on 991 Carroll Street on October 7, 2021.

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