Solomon Jacobowitz signs $24.5M refi for 39-unit rental in Williamsburg

Solomon Jacobowitz through the entity North 10 Lofts LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $24.5 million for the 39-unit rental condo at 103 North 10th Street in Williamsburg, Brooklyn.
The deal closed on May 16, 2023 and was recorded on May 23, 2023. The prior lender was Signature Bank in receivership which held debt that had an original loan amount of $28 million.The two commercial condo tax lots have 50,971 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $480 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 Solomon Jacobowitz was Solomon Jacobowitz. The signatory for Greystone & Co. was N. Tyler Darby.

The property

The rental condo with 39 residential units in Williamsburg has 50,971 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 38,494 square feet. The city-designated market value for the property in 2022 is $7.8 million.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 17,725 square feet. The largest is a major alteration project for a 17,725 square-foot 56 building submitted by Shie Lefkowitz with plans filed March 14, 2023 and it has not been permitted yet. The second largest is a major alteration project for a 18,450 square-foot B building submitted by Shia Lefkowitz with plans filed December 9, 2019 and permitted May 25, 2021.

The block

On the tax block of 103 North 10th Street, PincusCo has identified the owners of three of the three commercial properties representing 36,928 square feet of the 36,928 square feet. The two identified owners are Double U Realty and Cayuga Capital Management.
On the tax block, there was one new building construction project filed totaling 68,499 square feet. It is a 68,499 square-foot mercantile (M) building submitted by Cayuga Capital Management and filed by James Wiseman with plans filed September 9, 2014.

The majority, or 95 percent of the 36,928 square feet of built space are office buildings, with retail buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Solomon Jacobowitz owned at least seven commercial properties with 43 residential units in New York City with 34,972 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Brooklyn.

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