Joel Schwartz signs $17.8M refi loan with Arbor Realty Trust for 23-unit rental in Greenpoint
Joel Schwartz through the entity 494 Manhattan LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Investment LLC valued at $17.8 million for the 23-unit residential elevator building (D1) at 494 Manhattan Avenue in Greenpoint, Brooklyn.
The deal closed on November 30, 2023 and was recorded on December 18, 2023. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $18.5 million.
The property has 20,179 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $882 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 owner bought the property on December 28, 2022, for $24.4 million. The signatory for Joel Schwartz was Joel Schwartz. The signatory for Arbor Realty Trust was Susana Iannicelli.
The property
The residential elevator building with 23 residential units in Greenpoint has 20,179 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 176 feet and is 98 feet deep with a total lot size of 7,183 square feet. The lot is irregular. The zoning is M1-2/R6 which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $810,000. The most recent loan totaled $18.5 million and was provided by BridgeCity Capital on August 31, 2022.
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 not received any significant violations in the last year.
Development
For the tax lot building, it received its initial certificate of occupancy on January 20, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 20,179 square feet on the block.The identified owner is David Kramer.
There are no active new building construction projects on this tax block.
All properties are elevator.
The borrower
The PincusCo database currently indicates that Joel Schwartz owned at least 80 commercial properties with 980 residential units in New York City with 924,806 square feet and a city-determined market value of $165.8 million. (Market value is typically about 50% of actual value.) The portfolio has $872.2 million in debt, with top three lenders as BridgeCity Capital, Citibank, and Popular Bank respectively. Within the portfolio, the bulk, or 52 percent of the 924,806 square feet of built space are elevator properties, with walkup properties next occupying 19 percent of the space. They are all located in Brooklyn.
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