Stephen Clark signs $22M refi with Equity Bank for storage in Sheepshead Bay

Stephen L. Clark through the entity Knapp Storage Spe, LLC as borrower signed a refi loan with lender Equity Bank through the entity Equity Bank valued at $22 million for the storage building (E7) at 2727 Knapp Street in Sheepshead Bay, Brooklyn.
The deal closed on September 30, 2024 and was recorded on October 10, 2024. The prior lender was FS Investments which held debt that had an original loan amount of $27.4 million.The property has 102,932 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $213 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 August 14, 2013, for $5.3 million. The signatory for Stephen L. Clark was Robert N. Baker. The signatory for Equity Bank was Blake Yakel.

Prior sales and revenue

The 102,932-square-foot property generated revenue of $2.4 million or $23 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Sheepshead Bay has 102,932 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 192 feet and is 605 feet deep with a total lot size of 99,679 square feet. The zoning is C8-1 which allows for up to 1 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $14.3 million. The most recent loan totaled $27.4 million and was provided by Rialto Capital on November 18, 2021.

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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 18, 2016. On the lot, there is one active new building construction project, 320592248, for a 99,981 square-foot S-1 building. The project was submitted by GoodFriend Self Storage and filed by Marc Slayton with plans filed November 15, 2013 and permitted March 11, 2015.

The neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 2.1 times the average sales volume among other neighborhoods with $536.2 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 846,385 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the six commercial properties representing 102,932 square feet of the 120,177 square feet. The identified owner is Stephen L. Clark.
On the tax block, there was one new building construction project filed totaling 99,981 square feet. It is a 99,981 square-foot storage (S-1) building submitted by GoodFriend Self Storage and filed by Marc Slayton with plans filed November 15, 2013 and permitted December 10, 2014.

The majority, or 87 percent of the 120,177 square feet of built space are industrial buildings, with retail buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Stephen L. Clark owned at least one commercial property in New York City with 102,932 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $27.4 million in debt, borrowed from Rialto Capital. The portfolio consists of at least a single industrial property. It is located in Brooklyn.

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