Steel Equities refinances $50.2M from TD Bank for property in East Williamsburg

Steel Equities through the entity Airport Steel, LLC as borrower signed a loan agreement with lender TD Bank valued at $50.2 million for 2 parcels, including the tax class light manufacturing building (F5) at 339 Johnson Avenue, 325 Johnson Avenue in East Williamsburg. The deal closed on June 15, 2020 and was recorded on July 6, 2020.
The property contains a total of 105,700 square feet of built space. The property has 367,472 square feet of available development rights, according to a PincusCo analysis of city property records.
The average loan per buildable square foot is $137.
The financing refinanced a construction loan originally valued at $50 million from 2019, and added a $3.2 million second building loan and a $1 million second project loan. The last time the property sold was December 26, 2018, for $52,500,000. The signatory for the borrower was Joseph Lostritto.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $750,920. There have been 2 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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