Leon Mann signs $22M refi for newly built 71-unit rental in Bedford Stuyvesant

Leon Mann through the entity Broadway Stockton LLC as borrower signed a refi loan with lender TD Bank valued at $22 million for the 71-unit residential elevator building (D7) at 912 Broadway in Bedford Stuyvesant, Brooklyn.
The deal closed on January 23, 2024 and was recorded on February 13, 2024. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $17.5 million.The property has 111,636 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $197 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 Leon Mann was Leon Mann. The signatory for TD Bank was Craig Ratigan.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Leon Mann, head officer. The business entity is Broadway Stockton Llc.

The property

The residential elevator building with 71 residential units in Bedford Stuyvesant has 111,636 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 202 feet and is 100 feet deep with a total lot size of 21,122 square feet. The lot is irregular. The zoning is C4-4L which allows for up to nan times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.5 million.

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 $590 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 23, 2024. 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 four of the 16 commercial properties representing 50,455 square feet of the 241,570 square feet. The largest owner is Zi Chun Zhang, followed by William Chun and then Hafedh Alsaedi.
On the tax block, there was one new building construction project filed totaling 172,629 square feet. It is a 196-unit, 172,629 square-foot residential (R-2) building submitted by Cornell Realty Management and filed by Shifra Hager with plans filed December 30, 2014 and it has not been permitted yet.

The majority, or 54 percent of the 241,570 square feet of built space are elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

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