United Management signs $20M refi loan with Goldman Sachs in Crown Heights

United Management Corp through the entity 1 Sullivan Residences LLC as borrower signed a refi loan with lender Goldman Sachs valued at $20 million for two properties including the 104-unit rental (D1) at 1035 Washington Avenue in Crown Heights, Brooklyn and development site (V0) at 1 Sullivan Place in Crown Heights, Brooklyn.
The deal closed on June 29, 2021 and was recorded on July 27, 2021.
The two properties have 117,250 square feet of built space and 72,433 square feet of additional air rights for a total buildable of 189,593 square feet according to PincusCo analysis of city data. The loan price per built square foot is $170 and the price per buildable square foot is $105 per the PincusCo analysis.
The signatory for United Management Corp was Arthur Wiener.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $203,600. One of the projects were to change the building from a J-2 to a R-2 and change the number of residential units from 104 to 105 and were permitted on June 21, 2021.
The owners according to the Department of Housing Preservation and Development include Arthur Wiener, head officer and Meir Bouskila, officer. The business entity is 1035 Washington Realty LLC.
Within a 400-foot radius of 1035 Washington Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on May 5, 2021 for a 52,670-square-foot residential R-2 building with 49 residential units residential units at 1 Sullivan Place.
One of those two items was a loan which Lincoln Equities Group borrowed $48.2 million from Fortress Investment Group secured by the 12,968-square-foot industrial (E9) on 972 Franklin Avenue and one other property on December 17, 2019.

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