Pinnacle Group refis $52 million for 449 units in Manhattan and Brooklyn

Pinnacle Group signs $52 million in refinance loans with New York Community Bank for rentals with a total of 449 units in Manhattan and Brooklyn in four separate transactions.

In the first, Pinnacle Group through the entity 225 Parkside LLC as borrower signed a refi loan with lender New York Community Bank valued at $19.6 million for the 126-unit rental (D7) at 225 Parkside Avenue in Prospect Lefferts Gardens, Brooklyn.
The deal closed on September 14, 2021 and was recorded on September 24, 2021.
The property has 136,157 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $143 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 26, 2008, for $12.9 million.
The signatory for Pinnacle Group was Joel Wiener.

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In the second, Pinnacle Group through the entity 222 Lenox Rd LLC as borrower signed a refi loan with lender New York Community Bank valued at $18.3 million for the 160-unit rental (D6) at 222 Lenox Road in East Flatbush, Brooklyn.
The deal closed on September 14, 2021 and was recorded on September 24, 2021.
The property has 146,660 square feet of built space and 8,100 square feet of additional air rights for a total buildable of 154,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $124 and the price per buildable square foot is $118 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 26, 2007, for $15.2 million.
The signatory for Pinnacle Group was Joel Wiener.

The owner according to the Department of Housing Preservation and Development is Marc Barron, head officer. The business entity is 222 Lenox Rd Llc.

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In the third, Pinnacle Group through the entity 241 Sherman LLC as borrower signed a refi loan with lender New York Community Bank valued at $7.2 million for the 72-unit rental (C7) at 241 Sherman Avenue in Inwood, Manhattan.
The deal closed on September 15, 2021 and was recorded on September 24, 2021.
The property has 63,445 square feet of built space and 26,550 square feet of additional air rights for a total buildable of 90,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $113 and the price per buildable square foot is $79 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 11, 2005, for $6.2 million.
The signatory for Pinnacle Group was Joel Wiener.

Direct link to Acris document. link

In the fourth, Pinnacle Group through the entity 176 Clarkson Ave LLC as borrower signed a refi loan with lender New York Community Bank valued at $7 million for the 91-unit rental (D1) at 176 Clarkson Avenue in Flatbush, Brooklyn.
The deal closed on September 14, 2021 and was recorded on September 24, 2021.
The property has 129,600 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $54 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 26, 2008, for $8.9 million.
The signatory for Pinnacle Group was Joel Wiener.

Direct link to Acris document. link