Parkway Realty Associates signs $17.3M refi for two rentals in Crown Heights

Parkway Realty Associates through the entity St. Johns Flats LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $17.3 million for two residential elevator properties with 83 residential units including the 63-unit residential elevator building (D1) at 1539 St Johns Place and the 20-unit residential elevator building (D1) at 260 Buffalo Avenue in Crown Heights, Brooklyn.
The deal closed on May 15, 2025 and was recorded on May 20, 2025. The prior lender was Flagstar Bank which held debt that had an original loan amount of $19.5 million.The two properties have 83,792 square feet of built space and 27,323 square feet of additional air rights for a total buildable of 106,616 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $206 and the price per buildable square foot is $162 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 Parkway Realty Associates was Eric Miller . The signatory for JPMorgan Chase was Ursula Flores.

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 1539 St Johns Place.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Mike Spira, head officer and Jay Jaffe, officer. The business entity is St Johns Flats Llc. The two properties with a total of 83,792 square feet of built space generated revenue of $2.3 million per year or $28 per square foot.

The property

The residential elevator building with 63 residential units in Crown Heights has 83,792 square feet of built space and 27,323 square feet of additional air rights for a total buildable of 106,616 square feet according to a PincusCo analysis of city data. The parcel has frontage of 295 feet and is 120 feet deep with a total lot size of 35,485 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.3 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 137 housing violations, $1,355 in OATH penalties, and three housing litigations 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 the tax block of 1539 St Johns Place, PincusCo has identified the owners of 14 of the 20 commercial properties representing 347,358 square feet of the 368,548 square feet. The largest owner is Eric Miller, followed by Andres M. Ferreira and then Brp Companies.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 368,548 square feet of built space are walkup buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Parkway Realty Associates owned at least 30 commercial properties with 1,517 residential units in New York City with 1,495,917 square feet and a city-determined market value of $83.9 million. (Market value is typically about 50% of actual value.) The portfolio has $163.5 million in debt, with top three lenders as New York Community Bank, Signature Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 53 percent of the 1,495,917 square feet of built space are elevator properties, with walkup properties next occupying 39 percent of the space. The bulk, or 55 percent of the built space, is in Brooklyn, with Bronx next at 43 percent of the space.

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