Robert Frenkel signs $20M refi with Dime for two properties in Williamsburg

Robert Frenkel through the entity 28 Roebling Corp as borrower signed a refi loan with lender Dime Community Bank valued at $20 million for two properties including the 30-unit residential elevator building at 46 Roebling Street in Williamsburg, Brooklyn and 30-unit property at 28 Roebling Street in Williamsburg, Brooklyn.
The deal closed on March 7, 2022 and was recorded on May 26, 2022. The prior lender was MF1 Capital which held debt that had an original loan amount of $20 million. The two properties have 54,394 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $367 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 Robert Frenkel was Robert Frenkel. The signatory for Dime Community Bank was Louis Ciniglio.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 46 Roebling Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Robert Frenkel, head officer and Steve Einhorn, officer. The business entity is 46 Roebling Corp.

The property

The 46 Roebling Street parcel has frontage of 100 feet and is 55 feet deep with a total lot size of 5,500 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.3 million.The most recent loan totaled $20 million and was provided by MF1 Capital on February 26, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $935 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the two buildings received an initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were three pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.

The block

On the tax block of 46 Roebling Street, PincusCo has identified the owners of four of the 11 commercial properties representing 239,528 square feet of the 272,227 square feet. The two identified owners are Rabsky Group and Robert Frenkel. There is one active new building construction project totaling 6,720 square feet. It is a five-unit, 6,720-square-foot R-2 building developed by John Ziegler with plans filed March 5, 2014 and it has not been permitted yet.

the majority, or 80 percent of the 299,121 square feet of built space are residential elevator buildings, with D5 buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that Robert Frenkel owned at least one commercial property with 30,000 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from TD Bank. The portfolio consists of at least a single residential elevator property. It is located in Brooklyn.

Surrounding

Within a 400-foot radius of 46 Roebling Street, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
One of those six items was a sale which TF Cornerstone bought the 86,700-square-foot, 95-unit rental (D1) on 230 North 9th Street for $70.8 million from Trinity Place Holdings and Pacolet Milliken on May 5, 2022.
Of those six items, five were loans above $5 million totaling $126.8 million. The most recent of the five was TF Cornerstone which borrowed $35.5 million from Nationwide Life Insurance Company secured by the 86,700-square-foot, 95-unit rental (D1) on 230 North 9th Street on May 5, 2022.

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