NewPoint acquires $3.3M loan secured by senior rentals affiliated with Ahi Ezer Congregation

NewPoint Real Estate Capital bought a note with an original principal of $3.3 million from Housing & Healthcare Finance, LLC secured by Ahi Ezer Apartments’s 38-unit residential elevator building (D1) at 1960 East 7th Street in Sheepshead Bay, Brooklyn and 35-unit residential elevator building (D1) at 1965 East 7th Street in Sheepshead Bay, Brooklyn.
The deal closed on May 29, 2022 and was recorded on November 7, 2022. The prior lender was Housing & Healthcare Finance, LLC which held debt that had an original loan amount of $3.3 million.The two properties have 58,005 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $zero 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 Ahi Ezer Apartments was Eliot Harary. This is the nonprofit Ahi Ezer Apartments, which receives HUD financing for senior housing. It is affiliated with the nearly 100-year-old Ahi Ezer Congregation, which is an Orthodox Sephardic congregation on Ocean Parkway. https://www.ahiezer.com/about-us

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 1960 East 7th Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Hyman Escava, head officer and Eliot Harary, officer. The business entity is Ahi Ezer Housing. The two properties with a total of 58,005 square feet of built space generated revenue of $1.6 million per year or $28 per square foot.

The property

The 1960 East 7th Street parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 11,024 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $470 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 $5 million on this tax lot.

The block

there are no active new building construction projects on this tax block.

the majority, or 57 percent of the 58,178 square feet of built space are elevator buildings, with specialty buildings next occupying 43 percent of the space.

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