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

United American Land through the entity 210 Muni, LLC as borrower signed a refi loan with lender Metropolitan Commercial Bank valued at $24 million for the retail condo at 210 Joralemon Street in Downtown Brooklyn, Brooklyn.
The deal closed on May 2, 2025 and was recorded on May 14, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $24 million.The property has 47,405 square feet of built space according to a 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 Metropolitan Commercial Bank was Craig Zajac and Ross Dahmen .

The property

The retail condo in Downtown Brooklyn has 47,405 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 47,405 square feet. The city-designated market value for the property in 2022 is $16.2 million. The most recent loan totaled $24 million and was provided by Signature Bank on March 25, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. 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 initial certificate of occupancy on December 6, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Downtown Brooklyn, The bulk, or 40 percent of the 22.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 24 percent of the space. In sales, Downtown Brooklyn has 1.4 times the average sales volume among other neighborhoods with $382.6 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Downtown Brooklyn has 2.5 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 308,053 square feet of the 978,933 square feet. The identified owner is Nyc Department Of Education.
There are no active new building construction projects on this tax block.

The majority, or 78 percent of the 978,933 square feet of built space are office buildings, with specialty buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that United American Land owned at least 53 commercial properties with 265 residential units in New York City with 991,802 square feet and a city-determined market value of $363.9 million. (Market value is typically about 50% of actual value.) The portfolio has $452.6 million in debt, with top three lenders as Signature Bank, Goldman Sachs, and Israel Discount Bank respectively. Within the portfolio, the bulk, or 37 percent of the 991,802 square feet of built space are mixed-use properties, with elevator properties next occupying 22 percent of the space. The bulk, or 56 percent of the built space, is in Manhattan, with Brooklyn next at 27 percent of the space.

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