Doe Fund through the entity United Services Apartments LLC as borrower signed a refi loan with lender NYC Department of Housing Preservation and Development valued at $9.4 million for two affordable and supportive homeless shelters with 90 residential units including the 90-unit specialty building (N2) at 555 Nereid Avenue in Bronx and a shelter project at 4449 Bronx Boulevard in Bronx. The deal closed on…
The entity 229 Troy Owners, LLC paid $1.7 million to Maverick Real Estate Partners through the entity Troy Avenue Owner LLC for the 12-unit residential walkup building (C1) at 229 Troy Avenue in Crown Heights, Brooklyn. The deal closed on August 31, 2023 and was recorded on September 15, 2023. The property has 6,006 square feet of built space and 394 square feet of additional…
The Metropolitan Transportation Authority paid $2.9 million to Fred Bauerschmidt through the entity Bauerschmidt Realty Holding Corp. for the industrial building (G4) at 106-04 Merrick Boulevard in Jamaica, Queens, which will be a portion of the planned $480 million expansion of the Jamaica Bus Depot. A 2022 hearing envisioned the MTA would acquire six properties on the tax block, including this one. This is the…
John Liebermann through the entity 1518 50th Realty LLC paid $3.2 million to Yocheved Kohn and Hershel Wietschner through the entity 1518 50th Street Realty Company LLC for the three-unit building (C0) at 1518 50th Street in Borough Park, Brooklyn. The deal closed on September 6, 2023 and was recorded on September 15, 2023. The property has 4,292 square feet of built space and 5,448…
VAJA Group through the entity Fordham Vaja LLC paid $4.7 million to Sukhjinder Singh through the entity 364-372 Investors LLC for three mid-construction walkup buildings, including the 10-unit residential walkup building (C1) at 368 East 194th Street, the 10-unit residential walkup building (C1) at 364 East 194th Street and the seven-unit residential walkup building (C1) at 372 East 194th Street, adjacent properties in Fordham Manor,…
Carlyle Group through the entity Townhouse Rental II, L.L.C. paid $4.98 million to Icon Realty Management through the entity 413 South 5 Realty Associates LLC for the five-unit residential walkup building (C2) at 413 South 5th Street in Williamsburg, Brooklyn. The deal closed on September 8, 2023 and was recorded on September 15, 2023. The property has 4,043 square feet of built space and 1,264…
The nonprofit Hamaspik Kings through the entity Hamaspik Of Kings County, Inc. as borrower signed a rehab construction loan with lender Dime Community Bank valued at $14.8 million for the office building (O5) at 4102 14th Avenue in Borough Park, Brooklyn. The deal closed on August 28, 2023 and was recorded on September 14, 2023. The property has 15,483 square feet of built space according…
Loketch Group through the entity Prospect Grand Holdings LLC as borrower signed a new construction loan with lender iCross Capital through the entity Elite United LLC valued at $23.8 million for the development site at 630 Grand Avenue in Crown Heights, Brooklyn. There is a new building project for a 32-unit, 34,654 square-foot R-2 building submitted by Loketch Group and filed by Moishe Loketch with…
Guan Yu Li through the entity 6418 8th Ave Realty LLC paid $4.3 million to Joseph Brunner through the entity 65 On 8 LLC for the development site at 6418 8th Avenue in Dyker Heights, Brooklyn. The deal closed on August 29, 2023 and was recorded on September 14, 2023. The property has a total buildable of 8,000 square feet according to a PincusCo analysis…
Maimonides Medical Center paid $14.5 million to Yeshivath Toldos Yakov of Papa for the school building (W2) at 4706 10th Avenue in Borough Park, Brooklyn. The deal closed on September 7, 2023 and was recorded on September 14, 2023. The property has 23,133 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $626…
MCR Hotels signed a term sheet with the Unification Church, the owner of the 1,083-room New Yorker Hotel at 481 Eighth Avenue in the Garment District, Manhattan, to lend it $125 million which would pay off a $106 million note recently purchased by Yellowstone Real Estate Investments that has a looming October 1, 2023 maturity date. Filing LINK The term sheet was disclosed in a…
Wells Fargo as trustee for bondholders of a $31.5 million commercial mortgage-backed security filed a pre-foreclosure action against the owners of a reportedly half-vacant office building at 16 East 40th Street in Midtown. The case was filed September 13, 2023, in the Southern District of New York. Case 1:23-cv-08109-JGLC Property owners Nader Hakakian and Albert Monasebian signed as guarantors at the time of the December…
New York City commercial lending fell nearly 50 percent over the past 12 months that ended August 31 compared with the prior 12 month period, impacted by sharply rising interest rates and lower commercial properties values. Over the past 12 months, lenders provided loans totaling $56.8 billion, compared with $110.5 billion in the prior 12-month period, a decline of 49 percent. The analysis covers loans…
J&C International Group through the entity Fowler Develop LLC as borrower signed a refi loan with lender East West Bank valued at $14 million for the 30-unit residential elevator building (D1) at 131-19 Fowler Avenue in Flushing, Queens. The developer has submitted a plan that was accepted by the New York State Attorney general for 29 condominium units in the building. The deal closed on…
Aurora Capital Associates through the entity Cab Bedford LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $90 million for the retail building (K2) at 193 Berry Street in Williamsburg, Brooklyn. The deal closed on September 8, 2023 and was recorded on September 13, 2023. The prior lender was Wells Fargo which…
Arthur Rykiel through the entity Five Star Properties NYC LLC paid $2.3 million to Matthew Weinberg through the entity 58-70 57th Road Realty, LLC for the industrial building (F4) at 58-70 57th Road in Maspeth, Queens. The deal closed on August 31, 2023 and was recorded on September 13, 2023. The property has 2,920 square feet of built space and 2,029 square feet of additional…
Investors paid $5.7 million for the five-unit residential walkup building (C2) at 448 Clinton Street in Carroll Gardens, Brooklyn. The deal closed on September 6, 2023 and was recorded on September 13, 2023. The property has 5,030 square feet of built space and 1,472 square feet of additional air rights for a total buildable of 6,498 square feet according to a PincusCo analysis of city…
Sentinel Real Estate sold two rental buildings for $18.1 million to Alma Realty in two separate transactions that are the fourth and fifth sale by Sentinel Real Estate to Alma Realty this year. One of these sales was among the 29 buildings Sentinel’s affiliates owned that were identified as part of an alleged $1 million renovation kickback scheme that resulted in the 29 Sentinel owner…
Orange Management through the entity Orange Gowanus LLC acquired an interest from Eyal Ben-Yosef valued at $21 million for the development site at 125 3rd Street in Gowanus, Brooklyn. This transaction reflects the resolution of a lawsuit Orange Management brought in February 2023. In that case, Orange Management, a partner in a joint venture that owns 123 3rd Street in Gowanus, Brooklyn, sought to purchase…
Houston-base private equity firm Dauntless Capital Partners through the entity Haley Point RE Holdings, LLC paid $290.2 million to McSam Hotel Group through the entity Tmhcr 48th Street LLC for one of two hotel condominium units in the property at 150 West 48th Street in Midtown West, Manhattan. This is the larger of the two hotel condominiums in the newly constructed hotel tower. This unit…
