Joseph Landau signs $28.8M refi with Bank Leumi for two rentals in Crown Heights

Joseph Landau through the entity 240 Crown LLC as borrower signed a refi loan with lender Bank Leumi valued at $28.8 million for two rentals including the 135-unit rental (D1) at 240 Crown Street in Crown Heights, Brooklyn and 97-unit rental (D1) at 377 Montgomery Street in Crown Heights, Brooklyn.
The deal closed on July 30, 2021 and was recorded on August 9, 2021.
The two properties have 253,306 square feet of built space and 0 square feet of additional air rights for a total buildable of 197,235 square feet according to PincusCo analysis of city data. The loan price per built square foot is $113 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 Joseph Landau was Joseph Landau.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $340,000.
The owners according to the Department of Housing Preservation and Development includes Solomon Landau, head officer and Joseph Landau, officer. The business entities are Icon Mgmt Group Llc and 240 Crown Llc.

Within a 400-foot radius of 240 Crown Street, PincusCo identified one commercial real estate item of interest which occurred over the past 24 months.
It was a loan which Fairstead borrowed $27.4 million from Capital One, National Association secured by the 38,500-square-foot, 35-unit rental (D5) on 212 Crown Street and six other properties on December 24, 2019.

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