Simon Baron Development borrows $23M from Centennial Bank for commercial property in Greenpoint

Simon Baron Development through the entity 12 Franklin Property Co LLC as borrower signed a loan agreement with lender Centennial Bank valued at $22.5 million for 1 parcel, including the tax class miscellaneous (K9) at 12 Franklin Street in Greenpoint. The deal closed on December 24, 2019 and was recorded on January 16, 2020.
The property contains a total of 30,260 square feet of built space. The property has 55,535 square feet of available development rights.
The average loan per buildable square foot is $405.
The last time the property sold was September 13, 2016, for $5,638,900.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on February 27, 2014.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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