SoftStone Development signs $5.5M refi for development in Borough Park
SoftStone Development through the entity 4504 15 And 1476 45 Equity Partners LLC as borrower signed a refi loan with lender Golden Bridge Funding through the entity Golden Bridge R1 LLC valued at $5.5 million at 4504 15th Avenue in Borough Park, Brooklyn.
The deal closed on May 31, 2023 and was recorded on June 14, 2023. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $5.5 million. The two properties have 11,085 square feet of built space and 140 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $496 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 SoftStone Development was Nechemia Weinberger. The signatory for Golden Bridge Funding was Xiumei Dong.
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 $3,125 in ECB penalties in the last year.
Development
On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 12,362 square feet. The largest is a new building project for a four-unit, 6,344 square-foot R-2 building submitted by Mayer Beck with plans filed January 15, 2019 and permitted August 9, 2021. The second largest is a new building project for a four-unit, 6,018 square-foot R-2 building submitted by Mayer Beck with plans filed March 24, 2017 and permitted August 9, 2021. On one of the tax lots, the most recent condominium plan was filed by 4504 15 AND 1476 45 EQUITY PARTNERS LLC to create 4 residential units in a building at 1476 45th Street in Borough Park, Brooklyn, called 1476 45th Street Condominium that has a $5.9 million sellout, according to an October 1, 2021 submission to the New York State Attorney General. The principal of the sponsor, 4504 15 AND 1476 45 EQUITY PARTNERS LLC, was Nechemia Weinberger.
The block
On the tax block of 15th Avenue, PincusCo has identified the owners of one of the 10 commercial properties representing 4,400 square feet of the 37,996 square feet. The identified owner is Sinai Halberstam.
On the tax block, there were four new building construction projects totaling 24,946 square feet. The largest is a three-unit, 6,574 square-foot residential (R-2) building submitted by Miriam Meisels with plans filed June 27, 2019 and permitted March 21, 2022. The second largest is a four-unit, 6,344 square-foot residential (R-2) building submitted by Mayer Beck with plans filed January 15, 2019 and permitted August 9, 2021.
The majority, or 92 percent of the 37,996 square feet of built space are mixed-use buildings, with specialty buildings next occupying 8 percent of the space.
The borrower
The PincusCo database currently indicates that Softstone Development owned at least four commercial properties with 21 residential units in New York City with 28,926 square feet and a city-determined market value of $4.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 55 percent of the 28,926 square feet of built space are walkup properties, with mixed-use properties next occupying 45 percent of the space. The bulk, or 55 percent of the built space, is in Brooklyn, with Manhattan next at 45 percent of the space.
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