Turnbridge pays $22.4M for East New York industrial, gets $49M Starwood construction loan
Turnbridge Equities paid $22.4 million to two separate owners in two transactions for industrial property in East New York.
In the first transaction, Turnbridge Equities through the entity 807 Bank Street Property LLC paid $11.2 million to Sandy Marks through the entity Simcha Holding Corp. for the industrial building at 300 De Witt Avenue in East New York, Brooklyn.
At the same time, Turnbridge Equities through the entity 807 Bank Street Property LLC as borrower signed a new construction loan with lender Starwood Capital Group through the entity Spt Real Estate Capital, LLC valued at $49 million for two industrial buildings including the industrial building at 897 Van Sinderen Avenue in East New York, Brooklyn and industrial building at 300 De Witt Avenue in East New York, Brooklyn.
The deal closed on December 22, 2021 and was recorded on January 12, 2022.
The property has 44,375 square feet of built space and 450 square feet of additional air rights for a total buildable of 45,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $253 and the price per buildable square foot is $250 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 Sandy Marks was Sandy Marks. The signatory for Turnbridge Equities was Ryan Nelson.
Prior to this transaction, the buyer Turnbridge Equities had not purchased any other properties and sold four properties in four transactions for a total of $141 million over the past 24 months.
The seller Sandy Marks had not purchased any other properties and had not sold any properties over the same time period.
The 44,375-square-foot property generated revenue of $390,903 or $9 per square foot, according to the most recent income and expense figures.
There has been one demolition project filed for the parcels over the past five years.
Ryan Nelson is managing principal of Turnbridge. The Real Deal reported Turnbridge plans to develop warehouse space.
In East New York, the majority, or 31 percent of the 68.3 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, East New York has the 4th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, East New York has 2.5 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2.2 million square feet of commercial construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.
On the tax block, the majority, or 100 percent of the 89,221 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.
FALSE
Direct link to Acris document. link
In the second transaction, Turnbridge Equities through the entity 807 Bank Street Property LLC paid $11.2 million to Glenmore Industries through the entity Glen Real Estate Holdings, LLC for industrial building at 897 Van Sinderen Avenue in East New York, Brooklyn.
The deal closed on December 22, 2021 and was recorded on January 12, 2022.
The property has 44,846 square feet of built space for a total buildable of 44,846 square feet according to PincusCo analysis of city data. The sale price per built square foot is $250 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 Glenmore Industries was Harold Lebwhohl. The signatory for Turnbridge Equities was Ryan Nelson.
The seller Glenmore Industries had not purchased any other properties and had not sold any properties over the same time period.
The 44,846-square-foot property generated revenue of $403,208 or $9 per square foot, according to the most recent income and expense figures.
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 has been one demolition project filed for the parcels over the past five years.
The contract date was April 20, 2021.
Direct link to Acris document. link