Lay Assets signs $30M refi with Emerald Creek for newly built 75-unit rental in Midwood

Lay Assets through the entity 1775 Coney Island LLC as borrower signed a refi loan with lender Emerald Creek Capital through the entity Emerald Creek Capital 3, LLC valued at $30 million for the newly built 75-unit residential elevator building (D6) at 1775 Coney Island Avenue in Midwood, Brooklyn.
On the lot, there was one new building construction project, 340802073, for a 75-unit, 59,559 square-foot R-2 building. The project was submitted by Lay Assets and filed by Eddie Yair with plans filed January 12, 2021 and permitted March 3, 2022.
The deal closed on August 22, 2024 and was recorded on August 28, 2024. The prior lender was Valley National Bank which held debt that had an original loan amount of $25.8 million.The property has 70,775 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $423 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 Lay Assets was Eddie Yair.

The property

The residential elevator building with 75 residential units in Midwood has 70,775 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 100 feet deep with a total lot size of 15,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $675,000. The most recent loan totaled $25.8 million and was provided by Valley National Bank on April 19, 2022.

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 not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the 26 commercial properties representing 106,408 square feet of the 192,810 square feet. The largest owner is Allstate Realty Associates, followed by Sheldon Lang and then Lay Assets.
On the tax block, there was one new building construction project filed totaling 59,559 square feet. It is a 75-unit, 59,559 square-foot residential (R-2) building submitted by Lay Assets and filed by Eddie Yair with plans filed January 12, 2021 and permitted March 3, 2022.

The majority, or 44 percent of the 192,810 square feet of built space are elevator buildings, with mixed-use buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Lay Assets owned at least nine commercial properties with 263 residential units in New York City with 129,459 square feet and a city-determined market value of $32.1 million. (Market value is typically about 50% of actual value.) The portfolio has $132.3 million in debt, borrowed from Valley National Bank. Within the portfolio, the bulk, or 95 percent of the 129,459 square feet of built space are elevator properties, with B1 properties next occupying 5 percent of the space. They are all located in Brooklyn.

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