Steel Equities signs $70M refi with TD Bank for Netflix studio in East Williamsburg

Steel Equities through the entity Airport Steel, LLC as borrower signed a refi loan with lender TD Bank valued at $70 million for the commercial building (J6) at 325-333 Johnson Avenue in East Williamsburg, Brooklyn.
Steel Equities obtained a $15.8 million gap loan. The entire property is leased to Netflix Studios, through a 2018 lease, according to property records.
The deal closed on July 23, 2021 and was recorded on August 11, 2021.
The property has 170,432 square feet of built space and 91,630 square feet of additional air rights for a total buildable of 261,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $410 and the price per buildable square foot is $267 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 owner bought the property on 18-Jan-19, for $52.5 million.
The signatory for Steel Equities was Joseph Lostritto. The signatory for TD Bank was Brian J. Terry.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $35 million. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1.3 million. One of the projects were to change the building from a COM to a F-1 and were permitted on March 13, 2020.

Direct link to Acris document. link