Stormfield Capital buys $3.2M in Greenpoint rehab debt from Goldman Sachs, Genesis Capital

Stormfield Capital Management through its Stormfield Capital Funding I, LLC purchased development loans totaling $3.2 million from Goldman Sachs and Genesis Capital secured by Greenpoint rehab project. The developer on the project is Rafi Manor.
The loans were secured by 1 parcel, including the tax class three-family (C0) and containing 8 residential units at 52 Herbert Street in Greenpoint. The deal closed on October 16, 2020 and was recorded on October 28, 2020.
The property contains a total of 5,748 square feet of built space.

In 2016 Manor filed plans to add a story and increase by five units to eight the total in the building.

The last time the property sold was August 10, 2016, when Manor bought it for $2,125,000. In September 2020 Manor sued his lenders, alleging they provided him with an incorrect payoff total, resulting, according to the filing, in his inability to close a refinancing.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $130,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link