Meridian Properties signs $17M refi with Berkadia for two rentals in Flatbush

Michael Niamonitakis’s Meridian Properties through the entity Prospect Realty Group LLC as borrower signed a refi loan with lender Berkadia Commercial Mortgage valued at $17 million for two residential elevator properties with 136 residential units including the 76-unit residential elevator building (D1) at 222 East 17th Street in Flatbush, Brooklyn and 60-unit residential elevator building (D1) at 200 East 17th Street in Flatbush, Brooklyn.
The deal closed on April 30, 2025 and was recorded on May 6, 2025. The prior lender was Flushing Bank which held debt that had an original loan amount of $15.5 million.The two properties have 153,511 square feet of built space and 24,860 square feet of additional air rights for a total buildable of 168,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $110 and the price per buildable square foot is $101 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 Meridian Properties was Michael Niamonitakis . The signatory for Berkadia Commercial Mortgage was Emma Robinson .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Niamonitakis, head officer and James Dimitriades, officer. The business entity is Prospect Realty Group,Llc. The two properties with a total of 153,511 square feet of built space generated revenue of $2.2 million per year or $14 per square foot.

The property

The residential elevator building with 76 residential units in Flatbush has 153,511 square feet of built space and 24,860 square feet of additional air rights for a total buildable of 168,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 20,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.3 million. The property has 77 rent regulated units according to city tax records from 2023.

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 two DOB violations, $23,750 in ECB penalties, 114 housing violations, and $26,000 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 this tax lot.

The block

On the tax block of 222 East 17th Street, PincusCo has identified the owners of seven of the 11 commercial properties representing 466,600 square feet of the 531,000 square feet. The largest owner is Malek Management, followed by Gerald M. Pindus and then Meridian Properties.
There are no active new building construction projects on this tax block.

The majority, or 88 percent of the 531,000 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Meridian Properties owned at least 112 commercial properties with 3,937 residential units in New York City with 3,761,341 square feet and a city-determined market value of $241.1 million. (Market value is typically about 50% of actual value.) The portfolio has $210.5 million in debt, with top three lenders as Signature Bank, Dime Community Bank, and Berkadia Commercial Mortgage respectively. Within the portfolio, the bulk, or 61 percent of the 3,761,341 square feet of built space are elevator properties, with walkup properties next occupying 38 percent of the space. They are all located in Brooklyn.

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