Silverback, Robert Kahen sign $30M refi at 29-unit building in Brooklyn Heights
Silverback Development and Robert Kahen through the entity 67 Livingston LLC as borrower signed a refi loan with lender First Republic Bank valued at $30 million for the 29-unit residential elevator building (D9) at 67 Livingston Street in Brooklyn Heights, Brooklyn.
Silverback submitted a plan to create condominium units in the building.
On the tax lot, the most recent condominium plan was filed by 67 Livingston LLC to create 22 residential units in a building at 67 Livingston Street in Brooklyn Heights, Brooklyn, called 67 Livingston Street Condominiumthat has a $68.6 million sellout, according to an October 4, 2017 submission to the New York State Attorney General.The principal of the sponsor, 67 LIVINGSTON LLC, was Joshua Schuster.
The deal closed on December 1, 2022 and was recorded on December 8, 2022. The prior lender was First Republic Bank which held debt that had an original loan amount of $47 million.The property has 41,500 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $722 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 owner bought the property on January 30, 2017, for $28.6 million. The signatory for Silverback Development and Robert Kahen was Robert Kahen and Joshua Schuster. The signatory for First Republic Bank was Rosetta Collins Stewart. Debt that was as high as $47 million as of 2019 has been reduced to $30 million, following a $5 million paydown as part of this refinance. The interest rate is 6.25 as of January 1, 2023, and the loan matures December 1, 2025.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Robert Kahen, individual owner and Kamlin Brown, site manager. The business entity is Monarch Realty Group. The 41,500-square-foot property generated revenue of $1.6 million or $38 per square foot, according to the most recent income and expense figures.
The property
The zoning is C5-2A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8.2 million.
The block
On this tax block, PincusCo has identified the owners of five of the 13 commercial properties representing 303,560 square feet of the 452,202 square feet. The largest owner is Larry Wohl, followed by Michael Cantor and then United American Land.
there are no active new building construction projects on this tax block.
The majority, or 54 percent of the 436,330 square feet of built space are office buildings, with elevator buildings next occupying 24 percent of the space.
Direct link to Acris document. link