Larry Wohl signs $25M refi with JPMorgan Chase for office building in Brooklyn Heights

Larry Wohl through the entity 50 Court Street Associates as borrower signed a refinance loan with lender JPMorgan Chase Bank valued at $25 million for the office building (O6) at 50 Court Street in Brooklyn Heights, Brooklyn.
The deal closed on August 12, 2021 and was recorded on August 25, 2021.
The property has 128,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 94,520 square feet according to PincusCo analysis of city data. The loan price per built square foot is $195 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.)
Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $3.5 million.

Within a 400-foot radius of 50 Court Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on November 13, 2019 for the $3.8 million renovation of the R-2 building with 22 residential units at 67 Livingston Street.
One of those six items was a sale which Anthony LaConte bought the 15,000-square-foot, seven-unit office building (O2) on 81 Court Street for $11.5 million from Investors Bank on November 30, 2020.
Of those six items, four were loans above $5 million totaling $122.6 million. The most recent of the four was United American Land which borrowed $10.5 million from Peoples United Bank, National Association secured by the 27,732-square-foot, 34-unit mixed-use building (O8) on 184 Joralemon Street on August 13, 2020.

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