United Management Corp through the entity 1 Sullivan Residences LLC as borrower signed a refi loan with lender Truist Bank valued at $20 million for the 49-unit residential elevator building (D3) at 1 Sullivan Place in Crown Heights, Brooklyn.
The deal closed on June 30, 2023 and was recorded on July 20, 2023. The prior lender was Goldman Sachs which held debt that had an original loan amount of $20 million.
The property has 52,670 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $379 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 December 10, 2015, for $4.6 million. The signatory for United Management Corp was Arthur Wiener. The signatory for Truist Bank was Christopher Smulski.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Arthur Wiener, head officer and Hugo Barrios, site manager. The business entity is 1 Sullivan Residences Llc.
The residential elevator building with 49 residential units in Crown Heights has 52,670 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 97 feet and is 46 feet deep with a total lot size of 4,211 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $528,000. The most recent loan totaled $20 million and was provided by Goldman Sachs on June 29, 2021.
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 received $625 in ECB penalties and $6,025 in OATH penalties in the last year.
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 73,222 square feet. The largest is a new building project for a 49-unit, 52,670 square-foot R-2 building submitted by United Management and filed by Arthur Weiner with plans filed May 2, 2019 and permitted May 5, 2021. The second largest is a new building project for a 16-unit, 20,552 square-foot R-2 building submitted by Paul Amit with plans filed September 23, 2014 and it has not been permitted yet.
On this tax block, PincusCo has identified the owners of 10 of the 13 commercial properties representing 492,308 square feet of the 504,701 square feet. The largest owner is United Management, followed by Steven C. Neuman and then Pinnacle Group.
On the tax block, there were four new building construction projects totaling 507,014 square feet. The largest is a 168-unit, 235,482 square-foot residential (R-2) building submitted by Continuum Companies and filed by Ian Bruce Eichner with plans filed January 5, 2022 and permitted May 9, 2022. The second largest is a 293-unit, 198,310 square-foot residential (R-2) building submitted by Abraham Zev Golombeck and filed by Abraham Zev Golombeck with plans filed June 14, 2022 and it has not been permitted yet.
The majority, or 65 percent of the 504,701 square feet of built space are elevator buildings, with industrial buildings next occupying 20 percent of the space.
The PincusCo database currently indicates that United Management Corp owned at least one commercial property with 123 residential units in New York City with 127,284 square feet and a city-determined market value of $12 million. (Market value is typically about 50% of actual value.) The portfolio has $12.8 million in debt, borrowed from Santander Bank. The portfolio consists of at least a single elevator property. It is located in Brooklyn.
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