Rybak, Natalia Sorkin sign $21.9M refi with Valley National for two properties in Sheepshead Bay

Rybak Development and Natalia Sorkin through the entity 2633 Ocean Avenue LLC as borrower signed a refi loan with lender Valley National Bank valued at $21.9 million for two properties including the 60-unit rental condo at 2633 Ocean Avenue in Sheepshead Bay, Brooklyn and office condo at 2633 Ocean Avenue in Sheepshead Bay, Brooklyn.
The deal closed on December 17, 2021 and was recorded on August 24, 2022. The prior lender was Valley National Bank which held debt that had an original loan amount of $14 million.The two properties have 52,558 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $417 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 Rybak Development and Natalia Sorkin was Natalia Sorkin and Sergey Rybak. The signatory for Valley National Bank was Declan P. Meagher.

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 2633 Ocean Avenue.

The property

The 2633 Ocean Avenue parcel has a total lot size of 46,672 square feet. The city-designated market value for the property in 2022 is $8.2 million.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 2633 Ocean Avenue, PincusCo has identified the owners of three of the 12 commercial properties representing 230,279 square feet of the 300,442 square feet. The largest owner is City of New York, followed by Marc Abrams and then Rybak Development.
There are two active new building construction projects totaling 42,197 square feet. The largest is a 60-unit, 41,999-square-foot R-2 building developed by Michael Lilikakis with plans filed April 27, 2018 and permitted April 25, 2019.

The majority, or 51 percent of the 247,884 square feet of built space are elevator buildings, with specialty buildings next occupying 42 percent of the space.

The borrower

The PincusCo database currently indicates that Rybak Development owned at least seven commercial properties in New York City with 244,691 square feet and a city-determined market value of $27.2 million. (Market value is typically about 50% of actual value.) The portfolio has $149.3 million in debt, with top three lenders as MF1 Capital, Valley National Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 42 percent of the 244,691 square feet of built space are rental condo properties, with elevator properties next occupying 22 percent of the space. The bulk, or 77 percent of the built space, is in Brooklyn, with Queens next at 14 percent of the space.

Direct link to Acris document. link