Kingsdel Real Estate through the entity 447 Fenimore 2022 LLC as borrower signed a new construction loan with lender Urban Standard Capital through the entity Usc 447 Fenimore 2 LLC valued at $34 million for two properties including 625 New York Avenue in East Flatbush, Brooklyn and 447 Fenimore Street in Prospect Lefferts Gardens, Brooklyn.
On these lots, there are two active new building construction projects, totaling 56,876 square feet. The largest is a new building project for a 45-unit, 43,380 square-foot R-2 building submitted by Kingsdel Real Estate and filed by Nigel Boyden with plans filed September 16, 2022 and it has not been permitted yet. The second largest is a new building project for a 11-unit, 13,496 square-foot R-2 building submitted by Kingsdel Real Estate and filed by Nigel Boyden with plans filed September 16, 2022 and it has not been permitted yet.
The deal closed on September 28, 2023 and was recorded on October 12, 2023. The prior lender was Urban Standard Capital which held debt that had an original loan amount of $7 million.
The signatory for Kingsdel Real Estate was Nigel Boyden. The signatory for Urban Standard Capital was Seth Weissman.
In Prospect Lefferts Gardens, The majority, or 55 percent of the 11.1 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, Prospect Lefferts Gardens has the 40th highest sale turnover among other neighborhoods in Brooklyn with $77.6 million in sales volume in the last two years. For development, Prospect Lefferts Gardens has had very little major development activity relative to other neighborhoods.It had 164,767 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block of 447 Fenimore Street, PincusCo has identified the owners of three of the 13 commercial properties representing 39,633 square feet of the 105,152 square feet. The largest owner is Yaakov Geldzahler, followed by Wolf Sicherman and then Kingsdel Real Estate.
On the tax block, there was one new building construction project filed totaling 13,496 square feet. It is a 11-unit, 13,496 square-foot residential (R-2) building submitted by Kingsdel Real Estate and filed by Nigel Boyden with plans filed September 16, 2022 and it has not been permitted yet.
The majority, or 84 percent of the 105,152 square feet of built space are walkup buildings, with mixed-use buildings next occupying 9 percent of the space.
The PincusCo database currently indicates that Kingsdel Real Estate owned at least five commercial properties in New York City with 2,800 square feet and a city-determined market value of $785,000. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Urban Standard Capital. Within the portfolio, the bulk, or 71 percent of the 2,800 square feet of built space are industrial properties, with retail properties next occupying 29 percent of the space. They are all located in Brooklyn.
Direct link to Acris document. link