Renaissance Realty, Meir Tabak, Samuel Kairy sign $9.7M refi for three properties in Bushwick

Renaissance Realty Group, Meir Tabak and Samuel Kairy through the entity 583-589 Knickerbocker Ave Partners LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $9.7 million for three properties with 20 residential units including the 10-unit residential walkup building (C1) at 585 Knickerbocker Avenue, the 10-unit residential walkup building (C1) at 589 Knickerbocker Avenue, and the property at 583 Knickerbocker Avenue in Bushwick, Brooklyn.
The deal closed on November 26, 2024 and was recorded on December 5, 2024. The prior lender was S3 Capital which held debt that had an original loan amount of $7 million.The three properties have 25,558 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $379 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 the borrowers was Meir D. Tabak. The signatory for Citibank was Jonathan Misher.

Prior sales and revenue

Out of the three properties, one with a total of 25,558 square feet of built space generated revenue of $186,592 per year.

The property

The city-designated market value for the property in 2022 is $860,000. The most recent loan totaled $7 million and was provided by S3 Capital on December 1, 2022.

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 $75 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 the tax block of 585 Knickerbocker Avenue, PincusCo has identified the owners of five of the 17 commercial properties representing 25,200 square feet of the 129,893 square feet. The largest owner is Samuel Kairy, followed by Nyc Department Of Housing Preservation And Development and then Guy Alberg.
On the tax block, there was one new building construction project filed totaling 2,182 square feet. It is a three-unit, 2,182 square-foot residential (R-2) building submitted by Andy Chen with plans filed May 1, 2017 and permitted August 18, 2020.

The majority, or 53 percent of the 129,893 square feet of built space are specialty buildings, with walkup buildings next occupying 31 percent of the space.

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