Lender Mesa West acquires 15-unit Park Slope rental from RedSky Capital through deed-in-lieu, $24M transfer value

Lender Mesa West Capital through the entity Mwreif Iv 76-82 St. Marks Lender, LLC acquired from RedSky Capital through the entity 76-82 St. Marks Spe, LLC the the 15-unit residential walkup building (C7) at 76 St Marks Avenue in Park Slope, Brooklyn. The transfer was a deed-in-lieu of foreclosure, with a transfer value of $24.1 million, which often simply reflects the total debt.
The deal closed on August 17, 2023 and was recorded on August 25, 2023. The property has 29,040 square feet of built space and 18,562 square feet of additional air rights for a total buildable of 47,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $829 and the price per buildable square foot is $506 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 seller bought the property on July 3, 2013, for $15 million. The signatory for RedSky Capital was Raphael Fishbach. The signatory for Mesa West Capital was Raphael Fishbach. The contract date was August 17, 2023. This is a deed-in-lieu of foreclosure, according to the transfer documents. Mesa West Capital was the prior lender. RedSky Capital bought the property in July 2013 for $15 million, then borrowed various amounts, until borrowing $20 million in December 2017 from Mesa West Capital.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Mesa West Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RedSky Capital foreclosed had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Alex Haas, head officer and Benjamin Stokes, head officer. The business entity is 76-82 St. Marks Spe, Llc.

The property

The residential walkup building with 15 residential units in Park Slope has 29,040 square feet of built space and 18,562 square feet of additional air rights for a total buildable of 47,596 square feet according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 100 feet deep with a total lot size of 11,899 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Park Slope Historic District Extension II. The city-designated market value for the property in 2022 is $7.5 million. The most recent loan totaled 0.0 and was provided by Mesa West Real Estate Income Fund Iv, LLC on March 29, 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 four DOB violations, five housing violations, and $50 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 8,305 square feet of the 81,290 square feet. The two identified owners are United Elite Group and Tolib Mansurov.
There are no active new building construction projects on this tax block.

The majority, or 42 percent of the 81,290 square feet of built space are walkup buildings, with elevator buildings next occupying 25 percent of the space.

Direct link to Acris document. link