O’Brien-Staley Partners buys $13.1M note secured by Bensonhurst office building

O’Brien-Staley Partners through the entity OSX XVIII, LLC bought a note with an original principal of $13.1 million from Webster Bank secured by Faigy Goldberger’s office building (O7) at 1649 61st Street in Bensonhurst, Brooklyn and office building (O7) at 1661 61st Street in Bensonhurst, Brooklyn.

On these lots, there is one active major alteration construction project for a 27,032 square-foot office (B) building. The project was submitted by Abraham Woldiger with plans filed December 5, 2019 and permitted December 16, 2020.

The note sale closed on September 26, 2023 and was recorded on February 8, 2024. The prior lender was Webster Bank which held debt that had an original loan amount of $13.1 million.

The two properties have 28,766 square feet of built space according to a 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.)
O’Brien-Staley Partners has bought the debt on several New York City properties.

The property

The office building in Bensonhurst has 28,766 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,050 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.2 million.

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 $17,500 in ECB penalties and $18,500 in OATH penalties in the last year.

The neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has 1.2 times the average sales volume among other neighborhoods with $354.7 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 435,918 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

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

The majority, or 55 percent of the 130,186 square feet of built space are specialty buildings, with office buildings next occupying 30 percent of the space.

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