Liberty One Group signs $17M refi loan with Signature Bank for homeless shelter in Williamsburg
Liberty One Group through the entity 39 Ainslie Property Owner LLC as borrower signed a refi loan with lender Signature Bank through the entity Signature Bank valued at $17 million for the 151-bed homeless shelter (HH) at 39 Ainslie Street in Williamsburg, Brooklyn.
The deal closed on October 29, 2021 and was recorded on November 8, 2021.
The property has 20,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $850 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 February 21, 2020, for $11 million.
The signatory for Liberty One Group was Daniel Turkel.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3.3 million.
Within a 400-foot radius of 45 Ainslie Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, two were in new building development. There were two new building permits. The most recent of these two items was a permit on April 20, 2021 for a 98,206-square-foot R-2 building with 143 residential units at 134 Hope Street.
Of those 12 items, three were sales above $5 million totaling $113.9 million. The most recent of the three was HUBB NYC which bought the 35,113-square-foot, 138-unit rental (D7) on 123 Hope Street for $83.8 million from Adam America Real Estate and Slate Property Group on March 27, 2020.
Of those 12 items, seven were loans above $5 million totaling $189.2 million. The most recent of the seven was Bruman Realty which borrowed $12.4 million from Signature Bank secured by the 21,956-square-foot, 27-unit rental (D1) on 52 Ainslie Street on September 20, 2021.
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