Joseph Torres signs $16M refi loan with Ellington Management for 71-unit walkup in Greenpoint
Joseph Torres, also known as Jose Torres, through the entity 99 Sutton Lender LLC as borrower signed a refi loan with lender Ellington Management Group through the entity EMG Transfer Agent LLC valued at $16 million for the 71-unit residential walkup building (C1) at 99 Sutton Street in Greenpoint, Brooklyn.
The property was formerly in bankruptcy. 1-21-43124-ess
The deal closed on July 31, 2023 and was recorded on August 9, 2023. The prior lender was Meadow Partners which held debt that had an original loan amount of $17.3 million.
The property has 57,927 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $276 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 Torres was Jose I. Torres Jr. The signatory for Ellington Management Group was Katherine Meagher.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Joe Torres, head officer and Simon Whitley, officer. The business entity is 99 Sutton LLC. The 57,927-square-foot property generated revenue of $2.4 million or $41 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 71 residential units in Greenpoint has 57,927 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 140 feet and is 100 feet deep with a total lot size of 14,000 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $13.6 million.
Violations and lawsuits
The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on December 20, 2021, by 99 Sutton LLC and Joseph Torres citing assets of $19.5 million. In addition, according to city public data, the property has received three DOB violations in the last year.
Development
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 owners of six of the 13 commercial properties representing 157,054 square feet of the 213,971 square feet. The largest owner is Simon Whitley, followed by Krystyna Jablonski and then Jozefa Regula.
There are no active new building construction projects on this tax block.
The majority, or 37 percent of the 213,971 square feet of built space are office buildings, with walkup buildings next occupying 31 percent of the space.
The borrower
The PincusCo database currently indicates that Joseph Torres owned at least three commercial properties with 110 residential units in New York City with 132,051 square feet and a city-determined market value of $32 million. (Market value is typically about 50% of actual value.) The portfolio has $27.3 million in debt, borrowed from Citibank and Edgewood Capital Advisors. Within the portfolio, the bulk, or 44 percent of the 132,051 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. They are all located in Brooklyn.
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