Landau RE borrows $7.2M in Bensonhurst, paid same firm $11.5M in Cypress Hills

Jacob Landau’s Landau Real Estate through the entity 2160 84th Street, LLC as borrower signed an initial $7.2 million loan with the Caggiano family entity Kinsella Realty, for the 53-unit residential elevator building (D1) at 2160 84th Street in Bensonhurst, Brooklyn.
On the same day, May 23, 2024, the parties completed another transaction, in which Landau paid Kinsella Realty $11.5 million for a development site at 50 Sackman Street, as PincusCo previously reported.
The deals closed on May 23, 2024 and this loan was recorded on June 10, 2024. The property has 52,500 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $138 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 Landau Real Estate was Jacob Landau.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jacob Landau, head officer and Seljim Nikci, site manager. The business entity is 2160 84th Street Llc. The 52,500-square-foot property generated revenue of $810,639 or $15 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 53 residential units in Bensonhurst has 52,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.7 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 $1,250 in ECB penalties, 16 housing violations, and $1,500 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 block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 149,649 square feet of the 191,886 square feet. The largest owner is Simy Graus, followed by Salvatore Minardi and then Landau Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 191,886 square feet of built space are elevator buildings, with walkup buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Landau owned at least five commercial properties with 98 residential units in New York City with 102,834 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio has $27.2 million in debt, borrowed from Popular Bank and Starwood Mortgage Capital. Within the portfolio, the bulk, or 44 percent of the 102,834 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 35 percent of the space.

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