Natalia Orlova signs $6.2M refi loan with Customers Bank for industrial in Coney Island

Natalia Orlova through the entity SO Development Enterprises LLC as borrower signed a refi loan with lender Customers Bank valued at $6.2 million for the commercial building (E1) at 2702 West 15th Street in Coney Island, Brooklyn.
The deal closed on January 13, 2023 and was recorded on January 18, 2023. The prior lender was BankUnited which held debt that had an original loan amount of $5 million. The property has 28,340 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $218 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 Natalia Orlova was Natalia Orlova. The signatory for Customers Bank was Timur Zhakselekov.

The property

The 2702 West 15th Street parcel has frontage of 127 feet and is 118 feet deep with a total lot size of 9,569 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $623,000.

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 $1,050 in OATH penalties in the last year.

Development

On the lot, there is one new building construction project for a 23,808 square-foot S-1 building. The project was developed by Natalia Orlova with plans filed May 19, 2015 and permitted October 19, 2016.

The neighborhood

In Coney Island, the majority, or 68 percent of the 14.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has had very little sales volume relative to other neighborhoods with $107.9 million in sales volume in the last two years. For development, Coney Island has 1.8 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 36 commercial properties representing 27,087 square feet of the 116,636 square feet. The largest owner is Rao Bilqis Akhtar, followed by Nathan Evelkin and then Konstantinos Trakas.
On the tax block, there was one new building construction project filed totaling 23,808 square feet. It is a 23,808-square-foot S-1 building developed by Natalia Orlova with plans filed May 19, 2015 and permitted October 19, 2016.

The majority, or 63 percent of the 116,636 square feet of built space are industrial buildings, with walkup buildings next occupying 20 percent of the space.

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