United American Land signs $24M refi for retail in Downtown Brooklyn

United American Land through the entity 210 Muni, LLC as borrower signed a refi loan with lender Signature Bank valued at $24 million for the retail condo at 210 Joralemon Street in Downtown Brooklyn, Brooklyn.
The deal closed on March 25, 2022 and was recorded on April 13, 2022. The prior lender was New York Community Bank which held debt that had an original loan amount of $26 million. The property has 47,405 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $506 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 April 30, 2012, for $10 million. The signatory for United American Land was Albert Laboz. The signatory for Signature Bank was Kenneth A. Stagnari. Albert Laboz is one of three brothers who own United American Land.

The property

The 210 Joralemon Street parcel has a total lot size of 47,405 square feet. The city-designated market value for the property in 2022 is $12.8 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its alteration initial certificate of occupancy on December 6, 2016. On these lots, there is one active major alteration construction project for the 550,966-square-foot office (B) building. The project was filed on September 21, 2021 and it has not been permitted yet.

The neighborhood

In Downtown Brooklyn, the bulk, or 36 percent of the 26.8 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 29 percent of the space. In sales, Downtown Brooklyn has 1.3 times the average sales volume among other neighborhoods with $365.7 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Downtown Brooklyn has 2.9 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 308,053 square feet of the 1,529,899 square feet. The identified owner is City of New York. There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 1.2 million square feet of built space are office buildings, with residential elevator buildings next occupying 19 percent of the space.

The borrower

The PincusCo database, which is incomplete) currently indicates that United American Land owned at least 27 commercial properties with 634,394 square feet and a city-determined market value of $236 million. (Market value is typically about 50% of actual value.) The portfolio has $292.1 million in debt, with top three lenders as Goldman Sachs, Morgan Stanley, and Signature Bank respectively. Within the portfolio, the bulk, or 35 percent of the 634,394 square feet of built space are retail properties, with office properties next occupying 24 percent of the space. The bulk, or 52 percent of the built space, is in Manhattan, with Queens next at 26 percent of the space.

Surrounding

Within a 400-foot radius of 210 Joralemon Street, Pincusco identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on September 21, 2021 for the $187.1 million renovation of 550,966-square-foot B building with zero residential units at 210 Joralemon Street.
One of those four items was a sale which Tony Greenberg bought the 4,550-square-foot, four-unit mixed-use building (O8) on 193 Joralemon Street for $6.7 million from Mathieu Goldenberg on September 19, 2019.
Of those four items, two were loans above $5 million totaling $50 million. The most recent of the two was Larry Wohl which borrowed $25 million from JPMorgan Chase secured by the 128,000-square-foot, 46-unit office building (O6) on 50 Court Street on August 25, 2021.

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