Joel Schwartz signs $7.2M refi loan with Popular Bank for 9-unit walkup in Williamsburg
415 Manhattan Avenue (Credit - Google)
Joel Schwartz through the entity 415 Manhattan Realty LLC as borrower signed a refi loan with lender Popular Bank valued at $7.2 million for the nine-unit residential walkup building (C7) at 415 Manhattan Avenue in Williamsburg, Brooklyn.
The deal closed on July 28, 2022 and was recorded on August 10, 2022. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $6.9 million. The property has 8,138 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $884 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 February 22, 2022, for $5.9 million. The signatory for Joel Schwartz was Joel Schwartz. The signatory for Popular Bank was Sana Khaliq.
The property
The 415 Manhattan Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $339,000.The most recent loan totaled $6.9 million and was provided by BridgeCity Capital on February 22, 2022.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $2,712 in ECB penalties and $3,012 in OATH penalties in the last year.
Development
On these lots, there is one active new building construction project for a 10-unit, 6,749-square-foot R-2 building. The project was developed by Joel Schwartz with plans filed November 26, 2013 and permitted March 3, 2021.
The block
On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 29,673 square feet of the 155,551 square feet. The largest owner is Yoel Berkowitz, followed by Victor Celli and then Hubert Nowakowski.
There is one active new building construction project totaling 6,749 square feet. It is a 10-unit, 6,749-square-foot R-2 building developed by Joel Schwartz with plans filed November 26, 2013 and permitted January 20, 2021.
The majority, or 55 percent of the 155,551 square feet of built space are industrial buildings, with walkup buildings next occupying 24 percent of the space.
The borrower
The PincusCo database currently indicates that Joel Schwartz owned at least 86 commercial properties in New York City with 933,241 square feet and a city-determined market value of $147.1 million. (Market value is typically about 50% of actual value.) The portfolio has $709.9 million in debt, with top three lenders as Citibank, Starwood Capital Group, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 50 percent of the 933,241 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.
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