Stahl Organization signs $55M refi with M&T Bank for 89-unit rental in Downtown Brooklyn

Stahl Organization through the entity 384 Bridge Street LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $55 million for five commercial condominium units with a total of 234 residential units including the 145-unit rental unit, an 89-unit rental unit and three other units at 384 Bridge Street in Downtown Brooklyn, Brooklyn.
The deal closed on July 29, 2025 and was recorded on August 4, 2025. The prior lender was M&T Bank which held debt that had an original loan amount of $100 million. The five condo units have 258,959 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $212 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 Stahl Organization was Richard F. Czaja . The signatory for M&T Bank was Hunter Noah . The debt has fallen from $100 million M&T originated in 2015 to $55 million in this recent M&T refinance.

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 five buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by SIDNEY BRIDGE LLC to create 144 residential units and 2 commercial units in a building at 388 Bridge Street in Downtown Brooklyn, Brooklyn, called Bridge Street Condominium that has an original $200.8 million sellout, according to an November 22, 2013 submission to the New York State Attorney General. The principals of the sponsor, SIDNEY BRIDGE LLC, were Richard Czaja and Gregg Wolpert.

The block

On the tax block of 384 Bridge Street, PincusCo has identified the owners of five of the 14 commercial properties representing 97,856 square feet of the 282,428 square feet. The largest owner is United American Land, followed by Maverick Management and then Achs Management.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 282,428 square feet of built space are office buildings, with specialty buildings next occupying 25 percent of the space.

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