Malek Management signs $131.7M refi with Arbor for 931-unit Brooklyn portfolio
Malek Management, often in partnership with Coney Realty Group, signed $131.7 million in refinancing with Arbor Realty Trust for a 931-unit rental portfolio in Flatbush and East Flatbush in 11 separate transactions. The loan replaced debt provided by Signature Bank that totaled $132.8 million, according to a PincusCo accounting of the prior loans.
In the largest transaction, Malek Management and Coney Realty Group through the entity 950 Rutland Road Co. LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Label LLC valued at $21.8 million for the 172-unit rental (D1) at 950 Rutland Road in Flatbush, Brooklyn.
The deal closed on July 9, 2021 and was recorded on August 5, 2021.
The property has 144,000 square feet of built space and 0 square feet of additional air rights for a total buildable of 97,200 square feet according to PincusCo analysis of city data. The loan price per built square foot is $151 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 16-Mar-15, for $25.4 million.
The signatory for Malek Management and Coney Realty Group 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 $306,000.
David Malek is the owner of Malek Management.
The owners according to the Department of Housing Preservation and Development includes Peter Rebenwurzel, head officer and Michael Haas, officer. The business entities are 950 Rutland Road Co, Llc and 950 Rutland Road Co, Llc.
Within a 400-foot radius of 950 Rutland Road, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
They were all for building rehabilitation or alteration that require a change to the certificate of occupancy. They were three initial temporary certificate of occupancy issuances for projects that initially costed $4 million. The most recent of these three items was the temporary certificate of occupancy on December 30, 2019 for a residential R-2 building with 100 residential units at 100 East 93rd Street.
Direct link to Acris document. link
In the second-largest transaction, Malek Management through the entity 2501 Nostrand Avenue Co. LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Label LLC valued at $15.9 million for the 112-unit rental (D7) at 2501 Nostrand Avenue in East Flatbush, Brooklyn.
The deal closed on July 9, 2021 and was recorded on August 5, 2021.
The property has 113,850 square feet of built space and 0 square feet of additional air rights for a total buildable of 73,993 square feet according to PincusCo analysis of city data. The loan price per built square foot is $140 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 16-Mar-15, for $19.6 million.
The signatory for Malek Management was David Malek.
Over the past five years, there have been 13 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 13 renovation/alteration projects (A2) applied for with a total estimated value of $637,500. One of the projects were to change the number of residential units from 0 to 113 and were permitted on June 22, 2007.
The owners according to the Department of Housing Preservation and Development includes David Malek, head officer and Michael Malek, officer. The business entity is 2501 Nostrand Avenue Co Llc.
Direct link to Acris document. link
In the third transaction, Malek Management and Coney Realty Group through the entity 1145 East 35th Street Co. LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Label LLC valued at $13.1 million for the 74-unit rental (D7) at 1145 East 35th Street in East Flatbush, Brooklyn.
The deal closed on July 9, 2021 and was recorded on August 5, 2021.
The property has 89,772 square feet of built space and 0 square feet of additional air rights for a total buildable of 28,750 square feet according to PincusCo analysis of city data. The loan price per built square foot is $146 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 16-Mar-15, for $15.6 million.
The signatory for Malek Management and Coney Realty Group was David Malek.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $281,500. One of the projects were to change the number of residential units from 0 to 75.
The owners according to the Department of Housing Preservation and Development includes Peter Rebenwurzel, head officer and Michael Haas, officer. The business entities are 1145 East 35th Street Co, Llc and 1145 East 35th Street Co, Llc.
Within a 400-foot radius of 1145 East 35th Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Mendel Rabkin borrowed $6.2 million from Signature Bank secured by the 39,212-square-foot, 51-unit rental (C1) on 1022 East 36th Street on December 28, 2020.
Direct link to Acris document. link
In the fourth, Malek Management and Coney Realty Group through the entity 425 East 96th Street Co. LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Label LLC valued at $12.5 million for the 84-unit rental (D1) at 425 East 96th Street in Flatbush, Brooklyn.
The deal closed on July 9, 2021 and was recorded on August 5, 2021.
The property has 79,800 square feet of built space and 0 square feet of additional air rights for a total buildable of 48,600 square feet according to PincusCo analysis of city data. The loan price per built square foot is $157 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 16-Mar-15, for $13.5 million.
The signatory for Malek Management and Coney Realty Group was David Malek.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The owners according to the Department of Housing Preservation and Development includes Peter Rebenwurzel, head officer and Michael Haas, officer. The business entities are 425 East 96th Street Co, Llc and 425 East 96th Street Co, Llc.
Direct link to Acris document. link