Smeke family’s CSC Coliving signs $30M refi with Barclays for three walkups in Greenpoint

The Smeke family’s CSC Coliving through the entity 105-115 Greenpoint Owner LLC as borrower signed a refi loan with lender Barclays through the entity Barclays Capital Real Estate Inc valued at $30 million for three residential walkup properties with a total of 52 residential units at 107, 111 and 115 Greenpoint Avenue in Greenpoint, Brooklyn.
The deal closed on April 23, 2024 and was recorded on May 3, 2024. The prior lender was Ready Capital which held debt that had an original loan amount of $24.6 million.
The three properties have 38,560 square feet of built space and 4,180 square feet of additional air rights for a total buildable of 42,750 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $778 and the price per buildable square foot is $701 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 CSC Coliving was Duncan Randall. The signatory for Barclays was Adam Scotto. CSC Coliving is led by the Smeke family.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Alberto Smeke, head officer and Derek Hsiang, officer. The business entities are Outpost Club and 105-115 Greenpoint Owner Llc.

The property

The zoning is R6A which allows for up to 3 times floor area ratio (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 $3.7 million. The most recent loan totaled $24.6 million and was provided by Ready Capital on December 19, 2019.

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 10 housing violations and $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 111 Greenpoint Avenue, PincusCo has identified the owners of 33 of the 40 commercial properties representing 231,670 square feet of the 267,784 square feet. The largest owner is Wieslawa Kufel, followed by Janina Prochoronek and then CSC Coliving.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 267,784 square feet of built space are walkup buildings, with mixed-use buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that CSC Coliving owned at least six commercial properties with 72 residential units in New York City with 111,660 square feet and a city-determined market value of $16.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 111,660 square feet of built space are walkup properties, with M1 properties next occupying 43 percent of the space. The bulk, or 50 percent of the built space, is in Manhattan, with Brooklyn next at 50 percent of the space.

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