Mendel Fleischman signs $12.3M refi for two properties in Williamsburg
Mendel Fleischman through the entity 168 Garden LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Funding Company LLC valued at $12.3 million for two properties with three residential units including the three-unit mixed-use building (S9) at 172 Powers Street in Williamsburg, Brooklyn and property at 285 Graham Avenue in Williamsburg, Brooklyn.
The deal closed on December 19, 2024 and was recorded on January 30, 2025. The prior lender was S3 Capital which held debt that had an original loan amount of nan.The two properties have 6,224 square feet of built space and 2,594 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $1,976 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 Mendel Fleischman was Mendel Fleischman. The signatory for Greystone & Co. was Lisa Follweiler.
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 172 Powers Street.
The property
The mixed-use building with 3 residential units in Williamsburg has 6,224 square feet of built space and 2,594 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 75 feet deep with a total lot size of 1,936 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 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 one DOB violation and $2,380 in OATH penalties in the last year.
Development
On these lots, there is one active major alteration construction project, 321962925, for a four-unit, 5,121 square-foot R-2 building. The project was submitted by Allen Konstam with plans filed June 27, 2019 and it has not been permitted yet.
The neighborhood
In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On the tax block of 172 Powers Street, PincusCo has identified the owners of three of the 15 commercial properties representing 16,923 square feet of the 89,662 square feet. The largest owner is Joel Kohn, followed by Mendel Fleischman and then Guy Peleg.
On the tax block, there were three new building construction projects totaling 75,645 square feet. The largest is a 25-unit, 25,215 square-foot residential (R-2) building submitted by H Holding Group and filed by Idan Magen with plans filed February 17, 2022 and permitted September 23, 2024. The second largest is a 25-unit, 25,215 square-foot residential (R-2) building submitted by Idan Magen and filed by Idan Magen with plans filed February 17, 2022 and permitted September 23, 2024.
The majority, or 59 percent of the 89,662 square feet of built space are mixed-use buildings, with walkup buildings next occupying 18 percent of the space.
The borrower
The PincusCo database currently indicates that Mendel Fleischman owned at least 11 commercial properties with 63 residential units in New York City with 50,015 square feet and a city-determined market value of $11.4 million. (Market value is typically about 50% of actual value.) The portfolio has $49.1 million in debt, with top three lenders as Greystone & Co., S3 Capital, and IceCap Group respectively. Within the portfolio, the bulk, or 44 percent of the 50,015 square feet of built space are walkup properties, with mixed-use properties next occupying 24 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 10 percent of the space.
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