Landpex Development signs $88.2M refi loan with Dwight Capital for 248-unit rental in Gravesend
Landpex Development through the entity 2030 Cropsey Ave Lease Holder LLC as borrower signed a refi loan with lender Dwight Capital through the entity Dwight Mortgage Trust valued at $88.2 million for the 248-unit residential elevator building (D8) at 2230 Cropsey Avenue in Gravesend, Brooklyn.
The deal closed on March 8, 2024 and was recorded on March 15, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $87.4 million.
The property has 222,265 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $396 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 Landpex Development was Solomon Rubin.
The property
The residential elevator building with 248 residential units in Gravesend has 222,265 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of zero feet and is zero feet deep with a total lot size of 32,591 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.3 million. The most recent loan totaled $87.4 million and was provided by Bank Leumi on March 25, 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 $50,655 in ECB penalties and $53,305 in OATH penalties in the last year.
Development
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 222,504 square feet. The largest is a new building project for a 243-unit, 222,504 square-foot R-2 building submitted by Allure Group and filed by Joseph Flakowitz with plans filed November 2, 2018 and permitted November 24, 2021. The second largest is a major alteration project for a 129,128 square-foot I-4 building submitted by Yehuda Sussman with plans filed October 16, 2018 and permitted November 29, 2019.
The block
On this tax block, PincusCo has identified the owners of four of the four commercial properties representing 649,073 square feet of the 649,073 square feet. The largest owner is Yoel Gruber, followed by W&L Group and then Landpex Development.
On the tax block, there were three new building construction projects totaling 1,227,221 square feet. The largest is a 110-unit, 765,291 square-foot residential (R-2) building submitted by NY Developers & Management and filed by Jay Zeldes with plans filed April 27, 2021 and permitted July 31, 2023. The second largest is a 154-unit, 239,426 square-foot residential (R-2) building submitted by W&L Group and filed by Meng Hua Wang with plans filed September 24, 2014 and permitted December 21, 2020.
The majority, or 100 percent of the 649,073 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.
The borrower
The PincusCo database currently indicates that Landpex Development owned at least one commercial property with 248 residential units in New York City with 0.0 square feet and a city-determined market value of $5.3 million. (Market value is typically about 50% of actual value.) The portfolio has $87.4 million in debt, borrowed from Bank Leumi. The portfolio consists of at least a single elevator property.
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