Sterling Town Equities signs $28.7M refi with Bank Hapoalim for three properties in Boerum Hill

Sterling Town Equities through the entity Atlantic Gardens Residence LLC as borrower signed a loan with lender Bank Hapoalim valued at $28.7 million for three properties including 546 Atlantic Avenue in Boerum Hill, Brooklyn, development site (VN) at 537 Pacific Street in Boerum Hill, Brooklyn, and development site (VN) at 535 Pacific Street in Boerum Hill, Brooklyn.
The deal closed on April 9, 2021 and was recorded on August 25, 2021.
The three properties have 14,000 square feet of built space and 71,189 square feet of additional air rights for a total buildable of 85,201 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,049 and the price per buildable square foot is $336 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.)
Yossef Ariel, who signed for Sterling, is the founder of Sterling Town Equities.
(321593968) Plans for a 1-unit, 7,618 square-foot R-3 were filed on June 24, 2019 and were permitted on March 22, 2021.

Within a 400-foot radius of 546 Atlantic Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
There were three new building permit applications. The most recent of these three items was a filing on October 21, 2019 for a 189,443-square-foot E building with no residential unit at 489 State Street.

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