Salomon Cojab project gets $22M construction loan for 33-unit project in Greenpoint
171 Calyer Street (Credit - Google)
Salomon Cojab as developer through the entity 171 Calyer Street Project LLC as borrower obtained a new construction loan with lender Israel Discount Bank valued at $22 million for the mixed-use building (K1) at 171 Calyer Street in Greenpoint, Brooklyn.
The deal closed on June 10, 2022 and was recorded on June 30, 2022. The prior lender was M&T Bank which held debt that had an original loan amount of $8 million.
On these lots, there is one active new building construction project for a 33-unit, 55,878-square-foot R-2 building. The project was developed by Salomon Cojab with plans filed June 20, 2019 and it has not been permitted yet.
Salomon Cojab was the signatory as seller of a 50% stake in the project at the same time.
The property
The 171 Calyer Street parcel has frontage of 96 feet and is 100 feet deep with a total lot size of 9,600 square feet. The zoning is C4-3A which allows for up to 3 times floor area ratio (FAR) for commercial and up to 3 times FAR for residential with inclusionary housing. The property is in the Greenpoint Historic District. The city-designated market value for the property in 2022 is $1.9 million.
Stay current in this unpredictable market with data.
– Daily lists of new buyers, sellers and lenders
– Weekly feed of new developments and offering plans
– Weekly feed of bankruptcies, foreclosures, note sales
… and over 20 different feeds to find your next deal
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 received $61,150 in ECB penalties and $61,150 in OATH penalties in the last year.
Development
The neighborhood
In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of commercial built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 12 commercial properties representing 5,250 square feet of the 62,885 square feet. The identified owner is Lucyna Lis. There is one active new building construction project totaling 55,878 square feet. It is a 33-unit, 55,878-square-foot R-2 building developed by Salomon Cojab with plans filed June 20, 2019 and it has not been permitted yet.
the majority, or 57 percent of the 82,955 square feet of built space are mixed-use buildings, with 1-4 family buildings next occupying 24 percent of the space.
Surrounding
Within a 400-foot radius of 171 Calyer Street, Pincusco identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $48.5 million. The most recent of the two was Meadow Partners which borrowed $43.5 million from Fortress Investment Group secured by the 9,577-square-foot, four-unit four-family building (C3) on 143 Noble Street and 11 other properties on January 4, 2022.
Direct link to Acris document. link