Susan Leist signs $15.5M refi for 136-unit rental in Flatbush

Susan Leist through the entity 380 East 18th Street LLC as borrower signed a refi loan with lender New York Community Bank valued at $15.5 million for the 136-unit residential elevator building (D1) at 1710 Cortelyou Road in Flatbush, Brooklyn.
The deal closed on July 1, 2022 and was recorded on July 29, 2022. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $16 million. The property has 133,716 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $116 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 October 29, 2021, for $10.5 million. The signatory for Susan Leist was Susan Leist. The signatory for New York Community Bank was Thomas A. Penett.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Susan Leist, head officer and Khalid Mehmood, site manager. The business entity is Fred Ivan Leist Special K,Llc. The 133,716-square-foot property generated revenue of $2.1 million or $15 per square foot, according to the most recent income and expense figures.

The property

The 1710 Cortelyou Road parcel has frontage of 135 feet and is 200 feet deep with a total lot size of 33,120 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 18 housing violations and $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of four of the six commercial properties representing 307,910 square feet of the 349,410 square feet. The largest owner is Susan Leist, followed by Bronstein Properties and then Parkoff Organization. There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 349,410 square feet of built space are elevator buildings, with walkup buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Susan Leist owned at least three commercial properties in New York City with 321,018 square feet and a city-determined market value of $14.1 million. (Market value is typically about 50% of actual value.) The portfolio has $13.1 million in debt, borrowed from JPMorgan Chase. Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.

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