Stellar gets $49.4M rehab loan from city for 321-unit rental in Crown Heights

49 Crown Street (Credit - Google)

Stellar Management through the entity Tivoli BI LLC as borrower signed a rehab preservation loan with lender NYC Housing Development Corporation valued at $49.4 million for the 321-unit residential elevator building (D3) at 49 Crown Street in Crown Heights, Brooklyn.
The deal closed on June 30, 2022 and was recorded on August 8, 2022. The prior lender was NYC Housing Development Corporation which held debt that had an original loan amount of $41.3 million. The property has 320,000 square feet of built space and 62,235 square feet of additional air rights for a total buildable of 382,306 square feet according to PincusCo analysis of city data. The loan price per built square foot is $154 and the price per buildable square foot is $129 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 Stellar Management was Adam Roman. The signatory for NYC Housing Development Corporation was Ruth Moreira.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Laurence Gluck, head officer and Smajlje Sdranovic, officer. The business entities are Stellar Management and Tivoli Bi Llc. The 320,000-square-foot property generated revenue of $7.4 million or $23 per square foot, according to the most recent income and expense figures.

The property

The 49 Crown Street parcel has frontage of 315 feet and is 180 feet deep with a total lot size of 63,506 square feet. The lot is irregular. The zoning is R8X which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing.

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Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received one DOB violation, $4,405 in ECB penalties, 55 housing violations, $7,745 in OATH penalties, and two housing litigations in the last year.


There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 719,792 square feet of the 719,792 square feet. The largest owner is Stellar Management, followed by Stephen Schor and then Pinnacle Group.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 719,792 square feet of built space are elevator buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 81 commercial properties in New York City with 9,520,510 square feet and a city-determined market value of $1.4 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.9 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Signature Bank respectively. Within the portfolio, the bulk, or 74 percent of the 9,520,510 square feet of built space are elevator properties, with office properties next occupying 9 percent of the space. The bulk, or 77 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.

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