Malek Management signs $12.8M refi with Signature Bank for rental in Midwood

Malek Management through the entity 1417 Realty Associates LLC as borrower signed a refi loan with lender Signature Bank valued at $12.8 million for the 96-unit rental (D1) at 1417 Avenue K in Midwood, Brooklyn.
The deal closed on August 25, 2021 and was recorded on September 2, 2021.
The property has 96,000 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $133 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 Malek Management was David Malek.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $130,000.

The owners according to the Department of Housing Preservation and Development includes David Malek, head officer and Peter Reubenwurzel, officer. The business entities are 1417 Realty Associates, Llc and 1417 Realty Associates, Llc.

Within a 400-foot radius of 1417 Avenue K, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which David Nierenberg borrowed $12.4 million from New York Community Bank secured by the 108,000-square-foot, 96-unit rental (D1) on 1402 Avenue K on January 30, 2020.

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