Kenneth Chan signs $22.2M refi with Stormfield for industrial in East Williamsburg

Kenneth Chan through the entity West Terminal, LLC as borrower signed a refi loan with lender Stormfield Capital through the entity Stormfield Capital Funding I, LLC valued at $22.2 million for the industrial building (E1) at 7 Rewe Street in East Williamsburg, Brooklyn.
The deal closed on March 28, 2025 and was recorded on April 8, 2025. The prior lender was Bank of East Asia which held debt that had an original loan amount of $9.3 million.The property has 74,180 square feet of built space and 128,619 square feet of additional air rights for a total buildable of 202,550 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $299 and the price per buildable square foot is $109 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 Kenneth Chan was Kenneth Y.K. Chan. The signatory for Stormfield Capital was Joshua Knoll , an attorney with Mavrides, Moyal, Packman & Sadkin.

Prior sales and revenue

The 74,180-square-foot property generated revenue of $1.5 million or $20 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East Williamsburg has 74,180 square feet of built space and 128,619 square feet of additional air rights for a total buildable of 202,550 square feet according to a PincusCo analysis of city data. The parcel has frontage of 318 feet and is 318 feet deep with a total lot size of 101,275 square feet. 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 $6.9 million. The most recent loan totaled $9.3 million and was provided by Bank of East Asia on June 29, 2021.

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 $350 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 $1 million on this tax lot.

The neighborhood

In East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.4 times the average sales volume among other neighborhoods with $387.7 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East Williamsburg has 1.8 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 21 commercial properties representing 164,612 square feet of the 648,517 square feet. The largest owner is Emerich “Sam” Goldstein, followed by Largavista Companies and then Miriam Y. Chan.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 648,517 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Kenneth Chan owned at least five commercial properties with 54 residential units in New York City with 141,310 square feet and a city-determined market value of $20 million. (Market value is typically about 50% of actual value.) The portfolio has $35.7 million in debt, borrowed from CoreVest American Finance Lender and Hirshmark Capital. Within the portfolio, the bulk, or 70 percent of the 141,310 square feet of built space are specialty properties, with industrial properties next occupying 30 percent of the space. They are all located in Brooklyn.

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