LBA Realty signs $22.8M refi loan with City National Bank for three properties in Red Hook

LBA Realty through the entity 110 Beard Street, LLC as borrower signed a refi loan with lender City National Bank through the entity City National Bank valued at $22.8 million for three properties including the industrial building (E1) at 236 Richards Street in Red Hook, Brooklyn, industrial building (E1) at 118 Beard Street in Red Hook, Brooklyn, and hotel building (H8) at 116 Beard Street in Red Hook, Brooklyn.
The deal closed on May 29, 2026 and was recorded on June 23, 2026. The prior lender was City National Bank which held debt that had an original loan amount of $22.8 million.The three properties have 97,130 square feet of built space and 96,636 square feet of additional air rights for a total buildable of 193,800 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $234 and the price per buildable square foot is $117 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 LBA Realty was Michael Memoly . The signatory for City National Bank was Brandon Roberts .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 236 Richards Street.

Prior sales, articles and revenue

Out of the three properties, one with a total of 97,130 square feet of built space generated revenue of $1 million per year.

The property

The industrial building in Red Hook has 97,130 square feet of built space and 96,636 square feet of additional air rights for a total buildable of 193,800 square feet according to a PincusCo analysis of city data. The parcel has frontage of 330 feet and is 200 feet deep with a total lot size of 73,500 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.1 million. City National Bank on May 29, 2026 bought a loan with an original principal of $22.8M from City National Bank signed by prior lender signatory, secured by 236 Richards Street, 118 Beard Street, and 116 Beard Street, when owned by LBA Realty .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,000 in OATH penalties in the last year.

Development

On these lots, there is one active major alteration construction project, B00940472, for a 49,653 square-foot 74 building. The project was submitted by Gabriel Sasso with plans filed October 25, 2023 and permitted April 29, 2024.

The neighborhood

In Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $325.1 million in sales volume in the last two years and is the 23rd highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block of 236 Richards Street, PincusCo has identified the owners of eight of the nine commercial properties representing 125,180 square feet of the 135,980 square feet. The largest owner is Lba Realty, followed by Leser Group and then Phillip Hogue.
There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 135,980 square feet of built space are industrial buildings, with hotel buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Lba Realty owned at least seven commercial properties in New York City with 190,610 square feet and a PincusCo-determined asset value of $443.4 million. Within the portfolio, the bulk, or 96 percent of the 190,610 square feet of built space are industrial properties, with specialty properties next occupying 3 percent of the space. The bulk, or 49 percent of the built space, is in Brooklyn, with Bronx next at 46 percent of the space.

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