Levi Kraut, David Hochhauser sign $8M refi loan with Bank of Princeton for industrial in Bensonhurst

Levi Kraut and David Hochhauser through the entity 6226 17th Ave LLC as borrower signed a refi loan with lender Bank of Princeton valued at $8 million for the industrial building (G2) at 6224 17th Avenue in Bensonhurst, Brooklyn.
The deal closed on August 1, 2024 and was recorded on August 27, 2024. The prior lender was Finwise Bank which held debt that had an original loan amount of $3.6 million.The property has 6,400 square feet of built space for a total buildable of 6,400 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,250 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 owner bought the property on September 25, 2020, for $3.3 million. The signatory for Levi Kraut and David Hochhauser was Levi Kraut and David Hochhauser. The signatory for Bank of Princeton was Stephanie Adkins.

The property

The industrial building in Bensonhurst has 6,400 square feet of built space for a total buildable of 6,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 98 feet and is 80 feet deep with a total lot size of 6,400 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $493,000.

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 $1,050 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 neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.5 times the average sales volume among other neighborhoods with $391.3 million in sales volume in the last two years and is the 17th highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 434,193 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 23 commercial properties representing 12,320 square feet of the 119,920 square feet. The largest owner is Mohammed El Khatib, followed by Levi Y. Kraut and then Blimie Perlstein.
On the tax block, there were two new building construction projects totaling 44,992 square feet. The largest is a 42,032 square-foot 57 building submitted by Moshe Singer and filed by Moshe Singer with plans filed December 7, 2023 and it has not been permitted yet. The second largest is a 2,960 square-foot mercantile (M) building submitted by Carmelo Re with plans filed April 13, 2017 and permitted May 15, 2018.

The majority, or 75 percent of the 119,920 square feet of built space are industrial buildings, with mixed-use buildings next occupying 16 percent of the space.

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