John Quadrozzi Jr. ups debt to $40M with Emerald Creek Capital for industrial in Red Hook
685 Columbia Street (Credit - Google)
John Quadrozzi Jr. through the entity Gowanus Industrial Park Inc as borrower signed a refi loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $40 million for the industrial building (E9) at 685 Columbia Street in Brooklyn.
The deal closed on June 29, 2022 and was recorded on July 26, 2022. The prior lender was Emerald Creek Capital which held debt that had an original loan amount of $30 million. The property has 38,122 square feet of built space and 3,922,726 square feet of additional air rights for a total buildable of 3,962,350 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,049 and the price per buildable square foot is $10 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 John Quadrozzi Jr. was John Quadrozzi Jr.. The signatory for Emerald Creek Capital was Mark Bahiri. John Quadrozzi Jr. owns the GBX-Gowanus Bay Terminal at this waterfront location. The financing adds $10 million in new debt.
Prior sales and revenue
The 38,122-square-foot property generated revenue of $1.7 million or $45 per square foot, according to the most recent income and expense figures.
The property
The 685 Columbia Street parcel has frontage of 195 feet and is 937 feet deep with a total lot size of 1,981,175 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $11.5 million.
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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 not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
All properties are industrial.
Direct link to Acris document. link