Orin Portnoy signs $7.5M initial loan with Symetra for industrial in Greenpoint

Orin Portnoy of Quantum Real Property through the entity Norman Dobbin LLC as borrower signed an initial loan with lender Symetra Life Insurance Company through the entity Symetra Life Insurance Company valued at $7.5 million for the industrial building (F4) at 16 Norman Avenue in Greenpoint, Brooklyn.
The deal closed on May 27, 2025 and was recorded on June 16, 2025. The property has 8,304 square feet of built space and 823 square feet of additional air rights for a total buildable of 9,150 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $903 and the price per buildable square foot is $819 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 owner bought the property on June 8, 2023, for $3.7 million. The signatory for Orin Portnoy was Orin Portnoy.

The property

The industrial building in Greenpoint has 8,304 square feet of built space and 823 square feet of additional air rights for a total buildable of 9,150 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 41 feet deep with a total lot size of 9,150 square feet. The lot is irregular. 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 $893,000.

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 one DOB violation 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 neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3.4 times the average sales volume among other neighborhoods with $915.4 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.7 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2 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 one of the seven commercial properties representing 8,304 square feet of the 63,961 square feet. The identified owner is Orin Portnoy.
On the tax block, there was one new building construction project filed totaling 21,237 square feet. It is a 21,237 square-foot storage (S-2) building submitted by Anita Sharma with plans filed February 1, 2016 and it has not been permitted yet.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Orin Portnoy owned at least three commercial properties in New York City with 15,179 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 71 percent of the 15,179 square feet of built space are industrial properties, with mixed-use properties next occupying 29 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link