Steven Frisch signs $28M refi with Citibank for commercial in Sunset Park owned for 27 years

Steven Frisch through the entity SCF Realty Delaware LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $28 million for the commercial building (F5) at 170 53rd Street in Sunset Park, Brooklyn.
The deal closed on July 25, 2025 and was recorded on August 7, 2025. The prior lender was Citizens Bank which held debt that had an original loan amount of $25.5 million.The property has 161,710 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $173 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 Steven Frisch was Steven Frisch, who leads the New Jersey-based pest control manufacturer AP&G. The signatory for Citibank was Anna Gutteridge . Steven Frisch signed for AP&G’s purchase of the property in April 1999 as part of its manufacturing business through its Atlantic Paste & Glue. The company was founded in 1952 by Steven’s father, Moses Frisch, a Hungarian immigrant and Holocaust survivor.

Prior sales and revenue

The 161,710-square-foot property generated revenue of $4.1 million or $26 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Sunset Park has 161,710 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 321 feet and is 200 feet deep with a total lot size of 64,306 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $17.1 million.

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 $280 in ECB penalties and $280 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, 321816442, for a 192,720 square-foot A-3 building. The project was submitted by Brad Sharon with plans filed July 31, 2018 and it has not been permitted yet.

The neighborhood

In Sunset Park, The bulk, or 30 percent of the 35 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 26 percent of the space. In sales, Sunset Park has 1.6 times the average sales volume among other neighborhoods with $444.5 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sunset Park has had very little major development activity relative to other neighborhoods.It had 883,756 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 two of the three commercial properties representing 78,349 square feet of the 240,059 square feet. The two identified owners are Boris Motovich and Midwood Lumber.
There are no active new building construction projects on this tax block.

All properties are industrial.

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