Joel Jacobowitz signs $12.7M refi loan with Arbor Realty for four rentals in Brooklyn

Joel Jacobowitz through the entity Irving Starr LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Commercial Funding I, LLC valued at $12.7 million for four rentals including the eight-unit rental (C1) at 167 Starr Street in Bushwick, Brooklyn, eight-unit rental (C1) at 562 Park Place in Crown Heights, Brooklyn, and six-unit rental (C2) at 625 Sterling Place in Crown Heights, Brooklyn.
The deal closed on October 29, 2021 and was recorded on November 10, 2021.
The four properties have 24,811 square feet of built space and 1,946 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $511 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 Joel Jacobowitz was Joel Jacobowitz.

The owners according to the Department of Housing Preservation and Development include Joe Jacobs, head officer and Zal Pollak, site manager. The business entity is J Central LLC.

Within a 400-foot radius of 507 Central Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $554,400, one permit with a total initial cost of $500,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $523,949. The most recent of these three items was the permit on March 24, 2021 for a 4,357-square-foot R-2 building with six residential units at 151 Weirfield Street.
One of those four items was a loan which Abraham Friedrich borrowed $7.7 million from Metropolitan Commercial Bank secured by the 4,103-square-foot, seven-unit mixed-use building (S5) on 537 Central Avenue and four other properties on February 18, 2020.

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