Joseph Sofer signs $10.1M refi loan with Hanover Community Bank for retail in Bensonhurst

Joseph Sofer through the entity Windsor Assets LLC as borrower signed a refi loan with lender Hanover Community Bank through the entity Hanover Community Bank valued at $10.1 million for the retail building at 6424 18th Avenue in Bensonhurst, Brooklyn.
The deal closed on May 12, 2022 and was recorded on June 8, 2022. The prior lender was BankUnited which held debt that had an original loan amount of $7.3 million. The property has 15,916 square feet of built space and 7,374 square feet of additional air rights for a total buildable of 23,272 square feet according to PincusCo analysis of city data. The loan price per built square foot is $631 and the price per buildable square foot is $431 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 May 11, 2017, for $8 million. The signatory for Joseph Sofer was Joseph Sofer. The signatory for Hanover Community Bank was Kelli Raimonde.

Prior sales and revenue

The 15,916-square-foot property generated revenue of $828,300 or $52 per square foot, according to the most recent income and expense figures.

The property

The 6424 18th Avenue parcel has frontage of 40 feet and is 148 feet deep with a total lot size of 9,577 square feet. The lot is irregular. The zoning is C4-2 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $4.2 million.

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 $17,500 in ECB penalties and $18,650 in OATH penalties 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 neighborhood

In Bensonhurst, the majority, or 55 percent of the 39.6 million square feet of commercial built space are 1-4 family buildings, with residential walkup buildings next occupying 14 percent of the space. In sales, Bensonhurst has had very little sales volume relative to other neighborhoods with $162.9 million in sales volume in the last two years. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 108,523 square feet of commercial and multi-family construction under development in the last two years, which represents 0.27 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 186,129 square feet of built space are 1-4 family buildings, with mixed-use buildings next occupying 23 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 6424 18th Avenue that occurred over the past 24 months.

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