Manetta Enterprises signs $20M construction loan for 32-unit project in Greenpoint
Manetta Enterprises through the entity Rimani Realty LLC as borrower signed a construction loan with lender Ponce Bank valued at $20 million for a 32-unit rental project on three tax parcels including the industrial building (E1) at 15 Clay Street in Greenpoint, Brooklyn, specialty building (Z9) at 56 Commercial Street in Greenpoint, Brooklyn, and specialty building (Z9) at 40 Commercial Street in Greenpoint, Brooklyn.
The 32-unit project has not yet been disclosed on the city’s Department of Buildings website. The 32 units were disclosed in a regulatory filing stating that six of them would be affordable housing units.
The deal closed on February 15, 2024 and was recorded on March 18, 2024. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $3.5 million.
The three properties have 4,350 square feet of built space and 25,525 square feet of additional air rights for a total buildable of 29,886 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,597 and the price per buildable square foot is $669 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 Manetta Enterprises was Enrico Robert Manetta. The signatory for Ponce Bank was Steve A. Tsavaris.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received one DOB violation, $3,125 in ECB penalties, and $3,125 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 these three tax lots.
The neighborhood
In Greenpoint, The bulk, or 29 percent of the 23.7 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 25 percent of the space. In sales, Greenpoint has 2 times the average sales volume among other neighborhoods with $576.9 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Greenpoint has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On the tax block of 15 Clay Street, PincusCo has identified the owners of seven of the 10 commercial properties representing 236,308 square feet of the 289,758 square feet. The largest owner is Manetta Enterprises, followed by John Imperatore and then Jeffrey Hiller.
On the tax block, there were six new building construction projects totaling 156,893 square feet. The largest is a 35-unit, 47,763 square-foot residential (R-2) building submitted by Idan Shitrit and filed by Idan Shitrit with plans filed January 20, 2023 and it has not been permitted yet. The second largest is a 60-unit, 47,757 square-foot residential (R-2) building submitted by Harold Block with plans filed October 15, 2015 and it has not been permitted yet.
The majority, or 86 percent of the 289,758 square feet of built space are elevator buildings, with industrial buildings next occupying 12 percent of the space.
The borrower
The PincusCo database currently indicates that Manetta Enterprises owned at least three commercial properties in New York City with 4,350 square feet and a city-determined market value of $800,560. (Market value is typically about 50% of actual value.) The portfolio has $5.4 million in debt, borrowed from Ponce Bank. Within the portfolio, the bulk, or 98 percent of the 4,350 square feet of built space are industrial properties, with specialty properties next occupying 2 percent of the space. They are all located in Brooklyn.
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