Midtown Equities signs $40M refi loan with M&T Bank for office building in Brooklyn Heights

Midtown Equities through the entity 205 Montague LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $40 million for the office building (O5) at 205 Montague Street in Brooklyn Heights, Brooklyn.
The deal closed on June 30, 2020 and was recorded on July 9, 2021.
The property has 76,041 square feet of built space and 116,462 square feet of additional air rights for a total buildable of 192,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $526 and the price per buildable square foot is $207 per the PincusCo analysis.

The signatory for Midtown Equities was Jack Cayre.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
Within a 400-foot radius of 205 Montague Street, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, one was in new building development. It was a new building permit issued on February 5, 2021 for a 110,000-square-foot R-2 building with 121 residential units residential units at 200 Montague Street.
Of those eight items, three were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $626,000.0 and two initial temporary certificate of occupancy issuances for projects that initially costed $657,507. The most recent of these three items was the permit on September 1, 2020 for a 220,991-square-foot B building with N/A residential units at 195 Montague Street.
Of those eight items, four were loans above $5 million totaling $221.5 million. The most recent of the four was Leser Group which borrowed $13.2 million from New York Community Bank secured by four condo units in the 19,692-square-foot, 16-unit office building (RB) on 195 Montague Street on February 4, 2021.

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