RCH Capital buys $4.7M note at Abraham Jeremias’s 36-unit walkup in Borough Park
Florida-based RCH Capital through the entity Rch/Kcp 2021 Fund, LLC bought a note with an original principal of $4.725 million from Webster Bank secured by Abraham Jeremias’s 36-unit residential walkup building (C1) at 1644 55th Street in Borough Park, Brooklyn.
The deal closed on September 20, 2024 and was recorded on October 22, 2024. The prior lender was Webster Bank which held debt that had an original loan amount of 4.725 million.The property has 32,400 square feet of built space according to a PincusCo analysis of city data.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Larry Jermias, head officer and Larry Jeremias, agent. The business entity is Goldie Realty Llc.
The property
The residential walkup building with 36 residential units in Borough Park has 32,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 180 feet and is 100 feet deep with a total lot size of 18,000 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 $2.3 million. The property has 35 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 $130 in OATH penalties 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 one of the four commercial properties representing 5,400 square feet of the 73,257 square feet. The identified owner is Gitty Kahan As Trustee.
On the tax block, there was one new building construction project filed totaling 3,462 square feet. It is a one-unit, 3,462 square-foot residential (R-3) building submitted by Abe Zeigerman with plans filed November 13, 2018 and it has not been permitted yet.
All properties are walkup.
The borrower
The PincusCo database currently indicates that Abraham Jeremias owned at least five commercial properties with 253 residential units in New York City with 233,505 square feet and a city-determined market value of $18.4 million. (Market value is typically about 50% of actual value.) The portfolio has $31.8 million in debt, with top three lenders as Signature Bank, New York Community Bank, and PIMCO respectively. Within the portfolio, the bulk, or 95 percent of the 233,505 square feet of built space are elevator properties, with walkup properties next occupying 3 percent of the space. They are all located in Brooklyn.
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