Sterling Town signs $14.4M refi with Morgan Stanley for 35-unit elevator building in Clinton Hill

Sterling Town Equities through the entity Danax Fulton LLC as borrower signed a refi loan with lender Morgan Stanley valued at $14.4 million for the 35-unit residential elevator building at 1035 Fulton Street in Clinton Hill, Brooklyn.
The deal closed on February 28, 2017 and was recorded on January 25, 2022. The prior lender was Customers Bank which held debt that had an original loan amount of $15.75 million.
The property has 29,249 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $538 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 February 28, 2017, for $22 million.
The signatory for Sterling Town Equities was Ido Paul Amit. The signatory for Morgan Stanley was Cynthia Eckes.
The 29,249-square-foot property generated revenue of $1.3 million or $45 per square foot, according to the most recent income and expense figures.

(320591739)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 35 residential units on June 15, 2016. (320591739) Plans for a 35-unit, 29,249 square-foot R-2 were filed on July 12, 2013 and were permitted on June 18, 2014.
In Clinton Hill, the bulk, or 36 percent of the 18.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 22 percent of the space. In sales, Clinton Hill has near average sales volume among other neighborhoods with $303.9 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Clinton Hill has 1.4 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.
On the tax block, the majority, or 75 percent of the 144,549 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 9 percent of the space.
The owners according to the Department of Housing Preservation and Development includes Yossef Ariel, head officer and Corinne Murray, agent. The business entities are Ste Management Llc and Danax Fulton Llc.
Within a 400-foot radius of 1035 Fulton Street, Pincusco identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on November 5, 2020 for a 50,874-square-foot R-2 building with 50 residential units at 108 Downing Street.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were two initial temporary certificate of occupancy issuances for projects that initially costed $812,160. The most recent of these two items was the temporary certificate of occupancy on February 9, 2021 for a 3,166-square-foot B building with N/A residential units at 18 Putnam Avenue.
One of those seven items was a sale which Saint Bernatius LLC bought the 14,284-square-foot, 17-unit rental (C1) on 82 Downing Street for $5.2 million from Glenn Yurgel on August 9, 2021.
Of those seven items, three were loans above $5 million totaling $72 million. The most recent of the three was Susan Khani which borrowed $18 million from M&T Bank secured by the 52,351-square-foot, 51-unit rental (D6) on 108 Downing Street on December 14, 2021.

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