Monadnock Development signs $42.5M loan for office development in Gowanus

Monadnock Development through the entity 300 Huntington Street LLC as borrower signed an initial loan with lender Wells Fargo valued at $42.5 million for the vacant parcel (V1) at 230 Huntington Street in Gowanus, Brooklyn.
On the lot, there is one active new building construction project for a 99,646 square-foot B building. The project was submitted by Monadnock Development and filed by Nicholas Lembo with plans filed February 21, 2020 and permitted June 17, 2022.
The deal closed on December 7, 2022 and was recorded on December 19, 2022. The property has zero square feet of built space and 99,800 square feet of additional air rights for a total buildable of 99,800 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $425 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 property

The parcel has frontage of 334 feet and is 193 feet deep with a total lot size of 49,900 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $909,000.

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 $1,250 in ECB penalties in the last year.

The neighborhood

In Gowanus, The bulk, or 47 percent of the 9.3 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 1.5 times the average sales volume among other neighborhoods with $523.9 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Gowanus is the 8th most active neighborhood among other neighborhoods. It had 4.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 99,646 square feet. It is a 99,646 square-foot business (B) building submitted by Monadnock Development and filed by Nicholas Lembo with plans filed February 21, 2020 and permitted June 17, 2022.

The majority, or 57 percent of the 4,600 square feet of built space are retail buildings, with industrial buildings next occupying 43 percent of the space.

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