Kamran Neman signs $5.9M construction loan with First Republic for 20-unit project in East Flatbush

Kamran B. Neman through the entity East 53 Plaza LLC as borrower signed a new construction loan with lender First Republic Bank through the entity First Republic Bank valued at $5.9 million for the industrial building (G7) at 61 East 53rd Street in East Flatbush, Brooklyn.
On the lot, there is one active new building construction project for a 20-unit, 14,700 square-foot R-2 building. The project was submitted by Jeffrey Zagelbaum with plans filed January 29, 2020 and permitted June 2, 2022.
The deal closed on March 24, 2023 and was recorded on April 12, 2023.
The owner bought the property on September 2, 2021, for $1.5 million. The signatory for Kamran B. Neman was Kamran B. Neman.

The property

The parcel has frontage of 47 feet and is 100 feet deep with a total lot size of 4,750 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $220,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $20,030 in ECB penalties and $20,110 in OATH penalties in the last year.

The neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $225.9 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans zero square feet on the block.The identified owner is Ardeshir Azizian.
On the tax block, there was one new building construction project filed totaling 14,700 square feet. It is a 20-unit, 14,700 square-foot residential (R-2) building submitted by Jeffrey Zagelbaum with plans filed January 29, 2020 and permitted June 2, 2022.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Kamran B. Neman owned at least three commercial properties with 51 residential units in New York City with 52,844 square feet and a city-determined market value of None. (Market value is typically about 50% of actual value.) The portfolio has $21.6 million in debt, borrowed from New York Community Bank. Within the portfolio, the bulk, or 78 percent of the 52,844 square feet of built space are elevator properties, with walkup properties next occupying 22 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link