Mordechai Kohn signs $21M refi for industrial in Red Hook

Mordechai Kohn through the entity Sunlight Clinton Realty LLC as borrower signed a refi loan with lender Bethpage Federal Credit Union valued at $21 million for two industrial properties (E1) at 744 Clinton Street and 724 Clinton Street in Red Hook, Brooklyn.
The deal closed on February 11, 2025 and was recorded on February 14, 2025. The prior lender was Bethpage Federal Credit Union which held debt that had an original loan amount of $15.5 million.
The two properties have 85,933 square feet of built space and 132,484 square feet of additional air rights for a total buildable of 218,540 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $244 and the price per buildable square foot is $96 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 Mordechai Kohn was Mordechai Kohn. The signatory for Bethpage Federal Credit Union was Andrew Lendzioszek Jr. .

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 744 Clinton Street.

The property

The industrial building in Red Hook has 85,933 square feet of built space and 132,484 square feet of additional air rights for a total buildable of 218,540 square feet according to a PincusCo analysis of city data. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The most recent loan totaled $15.5 million and was provided by Bethpage Federal Credit Union on April 30, 2021.

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 $560 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 neighborhood

In Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $269.9 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 14th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On the tax block of 744 Clinton Street, PincusCo has identified the owners of six of the six commercial properties representing 150,983 square feet of the 150,983 square feet. The largest owner is Modechai Kohn, followed by RXR Realty and then LBA Realty.
On the tax block, there was one new building construction project filed totaling 7,500 square feet. It is a 7,500 square-foot storage (S-1) building submitted by Todd Rechler with plans filed November 4, 2021 and it has not been permitted yet.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Mordechai Kohn owned at least one commercial property with 54 residential units in New York City with 56,964 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio has $19.9 million in debt, borrowed from Parke Bank. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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