Saul Grosman signs $12M construction loan with Owemanco in Mill Basin

Saul P. Grosman through the entity Mill Ave Properties LLC as borrower signed a construction loan with lender Owemanco Mortgage Holding Corporation valued at $12 million for two properties including the property (W9) at 2150 Mill Avenue in Mill Basin, Brooklyn and property (Z9) at 2150 Mill Avenue in Mill Basin, Brooklyn. Saul P. Grosman also uses the name Paul Grosman.

On these lots, there is one active new building construction project for a 103,179 square-foot school (E) building. The project was submitted by Paul Grosman with plans filed September 18, 2015 and permitted July 31, 2018.

The deal closed on July 21, 2023 and was recorded on August 15, 2023. The two properties have 113,963 square feet of built space and 1,999 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $105 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 property

The parcel has frontage of 180 feet and is 50 feet deep with a total lot size of 25,599 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.7 million.
The parcel has frontage of 99 feet and is 41 feet deep with a total lot size of 3,999 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $300,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $5,000 in ECB penalties and $5,000 in OATH penalties in the last year.

The block

On the tax block of 2150 Mill Avenue, PincusCo has identified the owners of 11 of the 40 commercial properties representing 2,760,283 square feet of the 3,082,194 square feet. The largest owner is Agostino Vona, followed by Brookfield Properties and then City Of New York.
On the tax block, there were three new building construction projects totaling 115,551 square feet. The largest is a 103,179 square-foot educational (E) building submitted by Paul Grosman with plans filed September 18, 2015 and permitted July 31, 2018. The second largest is a 10,722 square-foot assembly (A-2) building submitted by Anthony Williams with plans filed October 26, 2018 and it has not been permitted yet.

The majority, or 78 percent of the 3.1 million square feet of built space are mixed-use buildings, with specialty buildings next occupying 8 percent of the space.

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