Rivington Company signs $25.5M construction loan with Post Road Group for 50-unit project in Bushwick
Rivington Company through the entity Garden Owner LLC as borrower signed a new construction loan with lender Post Road Group valued at $25.5 million for three properties including the industrial building at 21 Garden Street in Bushwick, Brooklyn.
The deal closed on December 8, 2021 and was recorded on January 14, 2022.
The three properties have 14,731 square feet of built space and 25,810 square feet of additional air rights for a total buildable of 40,560 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,731 and the price per buildable square foot is $628 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 Rivington Company was John Travis Stabler.
(321592576) Plans for a 50-unit, 49,055 square-foot R-2 were filed on July 24, 2020.
In Bushwick, the majority, or 32 percent of the 51.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume in the city with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block, the majority, or 66 percent of the 102,058 square feet of built space are residential walkup buildings, with industrial buildings next occupying 16 percent of the space.
Within a 400-foot radius of 21 Garden Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Joel Wieder borrowed $10.5 million from Arbor Realty Trust secured by the 18,222-square-foot, 20-unit rental (C7) on 848 Flushing Avenue on July 7, 2021.
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