Max Beilush signs $6.7M refi for two rentals in Crown Heights

Max Beilush through the entity Sterling Rochester L.P. as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $6.7 million for two residential elevator properties with 54 residential units including the 34-unit residential elevator building (D1) at 1540 Sterling Place in Crown Heights, Brooklyn and 20-unit residential elevator building (D1) at 215 Rochester Avenue in Crown Heights, Brooklyn.
The deal closed on June 1, 2023 and was recorded on June 14, 2023. The prior lender was Series 2018-SB52 which held debt that had an original loan amount of $6 million.
The two properties have 43,964 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $152 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 Max Beilush was Max Beilush. The signatory for Berkadia Commercial Mortgage was Megan Mather.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1540 Sterling Place.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Max Belush, head officer and Angel Chavez, officer. The business entity is B & L Associates. The two properties with a total of 43,964 square feet of built space generated revenue of $930,243 per year or $21 per square foot.

The property

The residential elevator building with 34 residential units in Crown Heights has 43,964 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 120 feet deep with a total lot size of 9,600 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million.

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 10 housing violations, $450 in OATH penalties, and one housing litigation 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 this tax lot.

The block

On the tax block of 1540 Sterling Place, PincusCo has identified the owners of 13 of the 20 commercial properties representing 321,518 square feet of the 368,548 square feet. The largest owner is Robert Rosenberg, followed by New York City Housing Authority and then New Start Development.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 368,548 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Max Beilush owned at least one commercial property with 16 residential units in New York City with 17,400 square feet and a city-determined market value of $1.2 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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