Lande Alexander signs $7.5M refi with Patriot Bank for industrial in Red Hook

Lande Alexander through the entity Lande Alexander Properties Inc. as borrower signed a refi loan with lender Patriot Bank valued at $7.5 million for the industrial building (E1) at 185 Van Dyke Street in Red Hook, Brooklyn.
The deal closed on December 12, 2022 and was recorded on December 16, 2022. The prior lender was Valley National Bank which held debt that had an original loan amount of $5.5 million. The property has 111,265 square feet of built space and 214,911 square feet of additional air rights for a total buildable of 325,624 square feet according to PincusCo analysis of city data. The loan price per built square foot is $67 and the price per buildable square foot is $23 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 Lande Alexander was Brian Robbins. The signatory for Patriot Bank was Tommy Tran.

The property

The 185 Van Dyke Street parcel has frontage of 410 feet and is 549 feet deep with a total lot size of 162,812 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $7.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $2,500 in ECB penalties and $4,300 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 $5 million on this tax lot.

The neighborhood

In Red Hook, the bulk, or 49 percent of the 9 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 28 percent of the space. In sales, Red Hook has 2.3 times the average sales volume among other neighborhoods with $805.3 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 713,831 square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 433,265 square feet of built space are industrial buildings, with specialty buildings next occupying 18 percent of the space.

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