Mark Schirripa signs $5.4M refi with Hirshmark for new 20-unit building in Brighton Beach

Mark Schirripa and John Schirripa through the entity Brighton 5th Development LLC as borrower signed a refi loan with lender Hirshmark Capital through the entity Brighton 5 Funding LLC valued at $5.4 million for the 20-unit residential elevator building (D1) at 2929 Brighton 5th Street in Brighton Beach, Brooklyn.
On the tax lot, the most recent condominium plan was filed by Brighton 5th Development LLC to create 20 residential units and 1 commercial units in a building at 2929 Brighton 5th Street in Brighton Beach, Brooklyn, called 2929 Brighton 5th Street Condominium that has a $11.3 million sellout, according to an September 12, 2023 submission to the New York State Attorney General. The principals of the sponsor, Brighton 5th Development LLC, were John Schirripa and Mark Schirripa. The plan has not yet been accepted, according to a PincusCo review of state records.
The deal closed on August 9, 2024 and was recorded on August 15, 2024. The prior lender was Colorado Federal Savings Bank which held debt that had an original loan amount of $4.5 million.The property has 14,906 square feet of built space and 640 square feet of additional air rights for a total buildable of 15,552 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $362 and the price per buildable square foot is $347 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 1, 2022, for $2.6 million. The signatory for Mark Schirripa and John Schirripa was Mark Schirripa. The signatory for Hirshmark Capital was Abraham Goldman.

The property

The residential elevator building with 20 residential units in Brighton Beach has 14,906 square feet of built space and 640 square feet of additional air rights for a total buildable of 15,552 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 80 feet deep with a total lot size of 6,400 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2016 and expires in 2031.

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 two DOB violations and $1,580 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of six of the 12 commercial properties representing 32,845 square feet of the 147,998 square feet. The largest owner is Oleksandr Nad, followed by Haim Pinhas and then Olga Belenkaya.
On the tax block, there were four new building construction projects totaling 47,636 square feet. The largest is a 22-unit, 16,479 square-foot residential (R-2) building submitted by Vladislav Tsirkin and filed by Vladislav Tsirkin with plans filed March 6, 2024 and it has not been permitted yet. The second largest is a 23-unit, 15,716 square-foot residential (R-2) building submitted by Salomon Laniado with plans filed December 21, 2017 and it has not been permitted yet.

The majority, or 90 percent of the 147,998 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

Direct link to Acris document. link