Urban View signs $9.1M acquisition loan with Goldman Sachs for rental in Clinton Hill

Urban View Development Group through the entity 1079 Fulton Street Group LLC as borrower signed a acquisition loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $9.1 million for the 30-unit rental (D1) at 1071 Fulton Street in Clinton Hill, Brooklyn.
The deal closed on October 14, 2021 and was recorded on October 27, 2021.
The property has 21,632 square feet of built space and 8,416 square feet of additional air rights for a total buildable of 30,060 square feet according to PincusCo analysis of city data. The loan price per built square foot is $420 and the price per buildable square foot is $302 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 Urban View Development Group was Nadav Hamo.
(301852895) Plans for a 30-unit, J-2 were filed on January 26, 2005 and were permitted on July 19, 2005.
The owners according to the Department of Housing Preservation and Development includes Alfred Thompson, head officer and Laquasia Thomas, officer. The business entity is Family Project.
Within a 400-foot radius of 1071 Fulton Street, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $800,000.0 and one permit with a total initial cost of $1.0 million. The most recent of these two items was the permit on January 25, 2021 for a 33,035-square-foot R-2 building with 41 residential units at 1068 Fulton Street.
Of those five items, three were loans above $5 million totaling $44.5 million. The most recent of the three was Zalmen Wagschal which borrowed $22.5 million from Citibank secured by the 12,800-square-foot, nine-unit rental (C1) on 32 Claver Place and six other properties on August 26, 2021.

Direct link to Acris document. link