Jacob Fulop signs $21.6M refi for newly built 55-unit building in Crown Heights

Jacob Fulop through the entity President Lofts LLC as borrower signed a refi loan with lender Bank of Montreal valued at $21.6 million for the 55-unit building at 1042 President Street in Crown Heights, Brooklyn.
The deal closed on June 11, 2024 and was recorded on June 27, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $15.5 million, given on January 14, 2022.
The signatory for Jacob Fulop was Jacob Fulop. The signatory for Bank of Montreal was Andrew Noonan.
This is a 55-unit, 34,353 square-foot residential (R-2) building with plans submitted by Jacob Fulop on August 7, 2020 and permitted January 18, 2022.

The property

The parcel has frontage of 54 feet and is 155 feet deep with a total lot size of 8,610 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential.

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 received $100 in OATH penalties in the last year.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.4 times the average sales volume among other neighborhoods with $649.4 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Crown Heights has 2 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 16 of the 18 commercial properties representing 382,552 square feet of the 413,628 square feet. The largest owner is Yehoshua Jacobs, followed by Wolf Sicherman and then Shamco Management.
On the tax block, there was one new building construction project filed totaling 34,353 square feet.

The majority, or 77 percent of the 413,628 square feet of built space are walkup buildings, with elevator buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Fulop owned at least 28 commercial properties with 209 residential units in New York City with 241,767 square feet and a city-determined market value of $46.1 million. (Market value is typically about 50% of actual value.) The portfolio has $133.7 million in debt, with top three lenders as Bank of Princeton, Bank Leumi, and Republic Bank respectively. Within the portfolio, the bulk, or 43 percent of the 241,767 square feet of built space are walkup properties, with elevator properties next occupying 23 percent of the space. The bulk, or 89 percent of the built space, is in Brooklyn, with Manhattan next at 11 percent of the space.

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