Sadik Mann signs $12.4M refi loan with Safra National Bank for seven properties in Brooklyn

Sadik Mann through the entity 1015 Nostrand LLC as borrower signed a refi loan with lender Safra National Bank valued at $12.4 million for seven properties including the mixed-use building at 2815-2817 Church Avenue in East Flatbush, Brooklyn, four-unit mixed-use building at 1678 Nostrand Avenue in East Flatbush, Brooklyn, and retail building at 1761 Nostrand Avenue in East Flatbush, Brooklyn.
The deal closed on January 24, 2022 and was recorded on February 17, 2022. The prior lender was Berkshire Bank which held debt that had an original loan amount of nan.
The seven properties have 22,425 square feet of built space and 26,707 square feet of additional air rights for a total buildable of 49,174 square feet according to PincusCo analysis of city data. The loan price per built square foot is $552 and the price per buildable square foot is $252 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 Sadik Mann was Sadik Mann.

In East Flatbush, the bulk, or 42 percent of the 78.9 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 20 percent of the space. In sales, East Flatbush has had very little sales volume relative to other neighborhoods with $177.2 million in sales volume in the last two years. For development, East Flatbush has 2.3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were five pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 51 percent of the 217,986 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 29 percent of the space.
Within a 400-foot radius of 2815-2817 Church Avenue, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $83.6 million. The most recent of the four was Bawabeh Brothers which borrowed $56 million from Signature Bank secured by the 22,505-square-foot, one-unit mixed-use building (K4) on 2818 Church Avenue and 25 other properties on December 13, 2021.

Direct link to Acris document. link