Naftali Hager, Carl Caller, Jacob Hager sign $5.2M refi in Williamsburg

Naftali Hager, Carl Caller, and Jacob Hager through the entity 213 Union Realty, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $5.2 million for the 34-unit residential walkup building (C7) at 213 Union Avenue in Williamsburg, Brooklyn.
The deal closed on November 26, 2024 and was recorded on December 4, 2024. The prior lender was Flagstar Bank which held debt that had an original loan amount of $6.4 million.The property has 28,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $187 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 Naftali Hager, Carl Caller, and Jacob Hager was Naftali Hager, Carl Caller, and Jacob Hager. The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Naftali Hager, head officer and Jacob Hager, officer. The business entity is 213 Union Realty Llc.

The property

The residential walkup building with 34 residential units in Williamsburg has 28,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 56 feet deep with a total lot size of 5,600 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.2 million. The property has 29 rent regulated units according to city tax records from 2023.

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 four housing violations and $3,000 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 block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 56,691 square feet of the 103,579 square feet. The largest owner is Jacob Hager, followed by Sam Wasser and then Robert Shull.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 103,579 square feet of built space are walkup buildings, with mixed-use buildings next occupying 4 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Hager owned at least 41 commercial properties with 1,225 residential units in New York City with 1,103,791 square feet and a city-determined market value of $100.5 million. (Market value is typically about 50% of actual value.) The portfolio has $37.1 million in debt, with top three lenders as New York Community Bank, JPMorgan Chase, and Capital One respectively. Within the portfolio, the bulk, or 59 percent of the 1,103,791 square feet of built space are walkup properties, with elevator properties next occupying 41 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Naftali Hager owned at least six commercial properties with 258 residential units in New York City with 225,366 square feet and a city-determined market value of $23.7 million. (Market value is typically about 50% of actual value.) The portfolio has $14.8 million in debt, borrowed from Greystone & Co.. Within the portfolio, the bulk, or 73 percent of the 225,366 square feet of built space are elevator properties, with walkup properties next occupying 27 percent of the space. They are all located in Brooklyn.

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