Red Apple Group signs $83.5M refi for 205-unit rental in Downtown Brooklyn

Red Apple Group through the entity Red Apple 81 Fleet Place Development, LLC as borrower signed a refi loan with lender U.S. Bank valued at $83.5 million for the 205-unit residential elevator building (D6) at 81 Fleet Place in Downtown Brooklyn, Brooklyn.
The deal closed on May 28, 2026 and was recorded on June 8, 2026. The prior lender was U.S. Bank which held debt that had provided an original loan amount of $86 million in May 2019. The property has 265,417 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $314 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 Red Apple Group was John Catsimatidis . The signatory for U.S. Bank was Matthew Gumnic .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes John Catsimatidis, head officer and Charles D’Amico , officer. The business entities are Red Apple Property Management LLC and Red Apple 81 Fleet Place Development Llc. The 265,417-square-foot property generated revenue of $9.9 million or $37 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 205 residential units in Downtown Brooklyn has 265,417 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 167 feet and is 172 feet deep with a total lot size of 33,656 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The property has a 421A exemption that started in 2018 and expires in 2033. The city-designated market value for the property in 2022 is $51.3 million. The property has 205 rent regulated units according to city tax records from 2024.

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 $3,510 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 1, 2015. 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 three commercial properties representing 20,073 square feet of the 396,402 square feet. The identified owner is Jacob Aini .
On the tax block, there was one new building construction project filed totaling 240,092 square feet. It is a 292-unit, 240,092 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed January 4, 2022 and permitted May 27, 2022.

The majority, or 95 percent of the 396,402 square feet of built space are elevator buildings, with specialty buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Red Apple Group owned at least 15 commercial properties with 1,283 residential units in New York City with 1,383,608 square feet and a PincusCo-determined asset value of $616.6 million. The portfolio has $365.3 million in debt, with top three lenders as Bank of America , M&T Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 86 percent of the 1,383,608 square feet of built space are condo properties, with elevator properties next occupying 6 percent of the space. The bulk, or 90 percent of the built space, is in Brooklyn, with Manhattan next at 9 percent of the space.

Direct link to Acris document. link