Seagis Property signs $9M initial loan with JPMorgan Chase for four properties in Bushwick

Seagis Property Group through the entity SPG Forrest Street LLC as borrower signed an initial loan with lender JPMorgan Chase valued at $9 million for four properties including the industrial building at 124 Forrest Street in Bushwick, Brooklyn, industrial building at 128 Forrest Street in Bushwick, Brooklyn, and specialty building at 132 Forrest Street in Bushwick, Brooklyn.
The deal closed on February 11, 2022 and was recorded on February 18, 2022. The prior lender was M&T Bank which held debt that had an original loan amount of $2.3 million.
Seagis bought the four parcels in March 2019 for $11.4 million.
The four properties have 24,000 square feet of built space and 4,990 square feet of additional air rights for a total buildable of 27,490 square feet according to PincusCo analysis of city data. The loan price per built square foot is $375 and the price per buildable square foot is $327 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 Seagis Property Group was Timothy McKenna.
Out of the four properties, two with a total of 24,000 square feet of built space generated revenue of $628,494 per year.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
In Bushwick, the bulk, or 32 percent of the 51.4 million square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 29 percent of the space. In sales, Bushwick has 3.3 times the average sales volume among other neighborhoods with $910.2 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.2 times the average amount of major developments relative to other neighborhoods and is the 18th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.
On the tax block, the majority, or 29 percent of the 114,736 square feet of built space are industrial buildings, with office buildings next occupying 28 percent of the space.
Within a 400-foot radius of 124 Forrest Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit application filed on April 23, 2020 for a 59,789-square-foot R-2 building with 78 residential units at 150 Noll Street.
One of those two items was a loan which Leah Waldman borrowed totaling $8 million from Hanover Community Bank secured by the 32,230-square-foot, 13-unit office building (O5) on 114 Forrest Street on November 17, 2021.

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