Wharton, Midtown Equities sign $17.8M refi with Valley National for retail in Clinton Hill

Jeff Sutton’s Wharton Properties and the Cayre family’s Midtown Equities through the entity 116-11 Beach Channel Owner LLC as borrower signed a refi loan with lender Valley National Bank valued at $17.8 million for the retail building (K7) at 451 Myrtle Avenue in Clinton Hill, Brooklyn.
The deal closed on September 22, 2021 and was recorded on November 12, 2021.
The property has 12,500 square feet of built space and 13,287 square feet of additional air rights for a total buildable of 25,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,423 and the price per buildable square foot is $689 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 March 6, 2006, for $3.8 million.
The signatory for Wharton Properties and Midtown Equities was Jeff Sutton and Joseph Cayre. The signatory for Valley National Bank was Louis A. Manderino.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $99,096.

Within a 400-foot radius of 451 Myrtle Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on April 29, 2020 for a 19,984-square-foot R-2 building with 16 residential units at 118 Waverly Avenue.
Of those three items, two were loans above $5 million totaling $42.4 million. The most recent of the two was Clinton Hill Co-ops which borrowed $29.6 million from Apple Bank For Savings secured by the 651,914-square-foot, 67-unit co-op (D4) on 165 Clinton Avenue and four other properties on December 28, 2020.

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