Parlanti Group signs $5.5M refi with Zions for 48-unit rental in Sheepshead Bay

Parlanti Group through the entity Parlanti Group LLC as borrower signed a refi loan with lender Zions Bancorporation valued at $5.5 million for the 48-unit residential elevator building (D1) at 2044 East 13th Street in Sheepshead Bay, Brooklyn.
The deal closed on December 19, 2024 and was recorded on January 28, 2025. The prior lender was Ridgewood Savings Bank which held debt that had an original loan amount of $5.7 million.The property has 46,800 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $116 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 January 30, 2008, for $5.5 million. The signatory for Parlanti Group was Josephine Parlanti. The signatory for Zions Bancorporation was Brian K. Bokor.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Josephine Parlanti, head officer and Maria Parlanti, officer. The business entity is Parlanti Group Llc. The 46,800-square-foot property generated revenue of $851,041 or $18 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 48 residential units in Sheepshead Bay has 46,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 100 feet deep with a total lot size of 13,000 square feet. 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 $3.6 million. The property has 48 rent regulated units according to city tax records from 2023.

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 two housing violations 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 this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 69,400 square feet of the 112,988 square feet. The largest owner is Parlanti Group, followed by Thanh Nguyen and then Marc Abrams.
There are no active new building construction projects on this tax block.

The majority, or 41 percent of the 112,988 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Parlanti Group owned at least 16 commercial properties with 774 residential units in New York City with 735,829 square feet and a city-determined market value of $56.8 million. (Market value is typically about 50% of actual value.) The portfolio has $6.1 million in debt, borrowed from Peapack-Gladstone Bank. Within the portfolio, the bulk, or 92 percent of the 735,829 square feet of built space are elevator properties, with walkup properties next occupying 8 percent of the space. They are all located in Brooklyn.

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