Moshe Braver signs $46M refi with Citibank for new 117-unit rental in Jamaica

Moshe Braver of Bushwick Realty Holdings through the entity 147 St Holdings LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $46 million for two properties including the 117-unit residential elevator building (D3) at 95-22 147th Place in Jamaica, Queens completed August 29, 2024, and the mixed-use building (K4) at 95-09 Sutphin Boulevard in Jamaica, Queens.

On these lots, there is one active new building construction project, 421133115, for a 117-unit, 81,577 square-foot R-2 building. The project was submitted by Joe Jac with plans filed August 13, 2020 and permitted June 9, 2023.
The deal closed on September 19, 2024 and was recorded on October 17, 2024. The prior lender was Popular Bank which held debt that had an original loan amount of $35.6 million.The two properties have 95,287 square feet of built space and 3,614 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $482 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 Moshe Braver was Moshe Braver. The signatory for Citibank was Ana Rosu Marmann.

The property

The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $358,000. The most recent loan totaled $35.6 million and was provided by Popular Bank on December 19, 2022.

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 and $710 in OATH penalties in the last year.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has 1.3 times the average sales volume among other neighborhoods with $318.7 million in sales volume in the last two years and is the 4th highest in Queens. For development, Jamaica has 1.8 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 95-09 Sutphin Boulevard, PincusCo has identified the owners of seven of the 22 commercial properties representing 8,808 square feet of the 47,043 square feet. The largest owner is Bushwick Realty Holdings, followed by Coelho Jose and then Maria H. Cardoso.
On the tax block, there was one new building construction project filed totaling 81,577 square feet. It is a 118-unit, 81,577 square-foot residential (R-2) building submitted by Joe Jac with plans filed August 13, 2020 and permitted June 9, 2023.

The majority, or 80 percent of the 47,043 square feet of built space are mixed-use buildings, with industrial buildings next occupying 16 percent of the space.

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