Lalezarian Properties through the entity Brooklyn Princess LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $94.9 million for the 256-unit residential elevator building (D6) at 309 Gold Street in Downtown Brooklyn, Brooklyn.
The deal closed on July 12, 2023 and was recorded on July 14, 2023. The prior lender was Wells Fargo which held debt that had an original loan amount of $108 million.
The property has 235,382 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $403 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 30, 2012, for $19 million. The signatory for Lalezarian Properties was Kevin Lalezarian. The signatory for JPMorgan Chase was Alexander D. Carni.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development include Kevin Lalezarian, head officer and David Sani, officer. The business entity is Brooklyn Princess Llc. The 235,382-square-foot property generated revenue of $11.4 million or $48 per square foot, according to the most recent income and expense figures.
The residential elevator building with 256 residential units in Downtown Brooklyn has 235,382 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 39 feet deep with a total lot size of 16,999 square feet. The lot is irregular. The zoning is C6-4 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $68.9 million.
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 $6,600 in OATH penalties in the last year.
For the tax lot building, it received its initial certificate of occupancy on May 23, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 50,000 square feet of the 285,382 square feet. The identified owner is New York Police Department.
There are no active new building construction projects on this tax block.
The majority, or 82 percent of the 285,382 square feet of built space are elevator buildings, with specialty buildings next occupying 18 percent of the space.
The PincusCo database currently indicates that Lalezarian Properties owned at least 14 commercial properties with 1,194 residential units in New York City with 1,238,066 square feet and a city-determined market value of $333.7 million. (Market value is typically about 50% of actual value.) The portfolio has $629.9 million in debt, with top three lenders as JPMorgan Chase, New York Community Bank, and Bank of New York Mellon respectively. Within the portfolio, the bulk, or 87 percent of the 1,238,066 square feet of built space are elevator properties, with office properties next occupying 8 percent of the space. The bulk, or 74 percent of the built space, is in Manhattan, with Brooklyn next at 26 percent of the space.
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