Rockefeller Group signs $231.8M construction loan with Sumitomo Mitsui Trust Bank for 378-unit development in Greenpoint
16 Dupont Street (Credit - Google)
Rockefeller Group and joint venture partner Park Tower Group through the entity Greenpoint Landing Lot 6 LLC as borrower signed a construction loan with lender Sumitomo Mitsui Trust Bank valued at $231.8 million for the 378-unit development at 16 Dupont Street in Greenpoint, Brooklyn.
The deal closed on August 10, 2022 and was recorded on August 30, 2022. The prior lender was Signature Bank which held debt that had an original loan amount of $30 million.
The owner bought the property on June 24, 2021, for $22.9 million. The signatory for Rockefeller Group was Megumi Brod. The signatory for Sumitomo Mitsui Trust Bank was Takezo Oda.
The property
The 16 Dupont Street parcel has frontage of 90 feet and is 130 feet deep with a total lot size of 12,194 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The most recent loan totaled $30 million and was provided by Signature Bank on June 24, 2021.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
On these lots, there is one active new building construction project for a 378-unit, 467,100-square-foot R-2 building. The project was filed by Guy Morton of Park Tower Group with plans filed October 26, 2021 and it has not been permitted yet.
The neighborhood
In Greenpoint, the bulk, or 29 percent of the 23.4 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 27 percent of the space. In sales, Greenpoint has 1.9 times the average sales volume among other neighborhoods with $659.5 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Greenpoint has 3.6 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 104,337 square feet of the 105,587 square feet. The largest owner is Park Tower Group, followed by Brandon Wechsler and then Brookfield Properties.
There is one active new building construction project totaling 467,100 square feet. It is a 378-unit, 467,100-square-foot R-2 building developed by Guy Morton with plans filed October 26, 2021 and it has not been permitted yet.
The majority, or 96 percent of the 28,559 square feet of built space are walkup buildings, with specialty buildings next occupying 4 percent of the space.
The borrower
The PincusCo database currently indicates that Rockefeller Group owned at least two commercial properties in New York City with 4,599,082 square feet and a city-determined market value of $2 billion. (Market value is typically about 50% of actual value.) The portfolio has $84 million in debt, borrowed from Apple Bank for Savings. Within the portfolio, all identified are office properties. They are all located in Manhattan.
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