Mujahidul Islam signs $6.8M new construction loan with Ponce Bank for 10-unit project in Bedford Stuyvesant
Mujahidul Islam through the entity 321 Franklin Ave Corp as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $6.8 million for the industrial building (F4) at 321 Franklin Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on October 20, 2022 and was recorded on October 26, 2022.
The signatory for Mujahidul Islam was Mujahidul Islam.
Enning Xu, on June 11, filed a permit application for construction of a 10-unit, 15,189-square-foot mixed-use building at 321 Franklin Avenue. According to the plans, the ground floor of the building will be used for a hardware store. The second floor will have two dwelling units and a terrace. Floors three and four will each have three dwelling units, the fifth floor will have one dwelling unit and the lower half of a duplex units, while the sixth floor will have the upper half of the duplex unit. The roof will have a terrace.
The plans call for the construction of a 70-foot tall, six-story mixed-use building, and were filed with the New York City Department of Buildings under number B00481199. The development site spans one tax lot. The property is owned by Abdul Matin, who bought it in 1998, according to city property records.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $8,750 in ECB penalties and $9,100 in OATH penalties in the last year.
Development
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 30,562 square feet. The largest is a new building project for an eight-unit, 15,373 square-foot R-2 building developed by Abdul Matin with plans filed January 18, 2018 and it has not been permitted yet. The second largest is a new building project for a 10-unit, 15,189 square-foot R-2 building developed by Enning Xu with plans filed June 11, 2021 and it has not been permitted yet.
The neighborhood
In Bedford Stuyvesant, the bulk, or 34 percent of the 53.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 30 percent of the space. In sales, Bedford Stuyvesant has 2.3 times the average sales volume among other neighborhoods with $790.7 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Bedford Stuyvesant is the 9th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of eight of the 28 commercial properties representing 64,095 square feet of the 144,532 square feet. The largest owner is Prime Rok Real Estate, followed by Clarissa Mercedes and then Aron Kapelyus.
On the tax block, there were six new building construction projects totaling 77,285 square feet. The largest is a nine-unit, 15,844-square-foot R-2 building developed by Matthew Ahdoot with plans filed July 12, 2017 and permitted November 21, 2018. The second largest is a one-unit, 15,588-square-foot R-3 building developed by Matthew Ahdoot with plans filed January 17, 2018 and permitted March 19, 2019.
The majority, or 36 percent of the 143,586 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.
The borrower
The PincusCo database currently indicates that Mujahidul Islam owned at least one commercial property in New York City with 6,856 square feet and a city-determined market value of $1.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Brooklyn.
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