Nash Metalware owner signs $16.5M refi loan with Dalan Real Estate for industrial in Williamsburg

Stephanie Eisenberg of Nash Metalware through the entity 72 North 15th Street Owner LLC as borrower signed a refi loan with lender Dalan Real Estate through the entity DC N 15th Lender LLC valued at $16.5 million for the industrial building (F5) at 72 North 15th Street in Williamsburg, Brooklyn.
The deal closed on March 1, 2024 and was recorded on March 12, 2024. The prior lender was Northeast Bank which held debt that had an original loan amount of $10.8 million.The property has 45,000 square feet of built space and 78,475 square feet of additional air rights for a total buildable of 123,584 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $366 and the price per buildable square foot is $133 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 Stephanie Eisenberg was Stephanie Eisenberg. The signatory for Dalan Real Estate was Ayush Kapahi. Dalan Real Estate was formerly SKW Funding.

Prior sales and revenue

The 45,000-square-foot property generated revenue of $843,885 or $19 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Williamsburg has 45,000 square feet of built space and 78,475 square feet of additional air rights for a total buildable of 123,584 square feet according to a PincusCo analysis of city data. The parcel has frontage of 278 feet and is 347 feet deep with a total lot size of 61,792 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $4.4 million. The most recent loan totaled $10.8 million and was provided by Northeast Bank on January 18, 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, and $4,050 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg has 4.4 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the three commercial properties representing 84,538 square feet of the 84,538 square feet. The largest owner is Nash Metalware, followed by Joyland Group and then EPR Properties.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 84,538 square feet of built space are industrial buildings, with mixed-use buildings next occupying 41 percent of the space.

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