Jenel Management signs $11.2M refi for mixed-use building in Homecrest
Jenel Management through the entity Kingsway Plaza Associates LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $11.2 million for the mixed-use building (K4) at 950 Kings Highway in Homecrest, Brooklyn.
The deal closed on August 31, 2021 and was recorded on September 7, 2021.
The property has 37,400 square feet of built space and 18,304 square feet of additional air rights for a total buildable of 55,598 square feet according to PincusCo analysis of city data. The loan price per built square foot is $298 and the price per buildable square foot is $200 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 Jenel Management was Jack Dushey.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a F-1B to a E and were permitted on January 17, 2003.
Within a 400-foot radius of 950 Kings Highway, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit application filed on February 28, 2020 for a 19,081-square-foot office B building at 2077 Coney Island Avenue.
Of those eight items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 27, 2020 for the $414,700.0 renovation of 8,000-square-foot B building with no residential units at 1702 East 9th Street.
Of those eight items, three were sales above $5 million totaling $72.6 million. The most recent of the three was Yelena Vaynshteyn which bought the 45,400-square-foot, four-unit mixed-use building (K4) on 1702 East 9th Street for $12.2 million from Netanel Jacobov and Barak Jacobov on July 20, 2021.
Of those eight items, three were loans above $5 million totaling $65.5 million. The most recent of the three was Yelena Vaynshteyn which borrowed $8.5 million from Columbia Capital secured by the 45,400-square-foot, four-unit mixed-use building (K4) on 1702 East 9th Street on July 20, 2021.
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