William Rothner signs $66M refi for new 150-unit rental in Greenwood Heights
William Rothner through the entity 867 4th Avenue LLC as borrower signed a refi loan with lender Starwood Mortgage Capital valued at $66 million for the 150-unit residential elevator building (D3) at 867-875 4th Avenue in Greenwood Heights, Brooklyn.
On the lot, there was one active new building construction project, 321383169, for a 150-unit, 101,950 square-foot R-2 building. The project was submitted by Heritage Equity Partners and filed by Toby Moskovits with plans filed June 20, 2018 and permitted December 11, 2019.
The deal closed on November 19, 2024 and was recorded on November 25, 2024. The prior lender was Varde Partners which held debt that had an original loan amount of $64 million.
The property has 101,950 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $647 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 July 9, 2018, for $19.8 million. The signatory for Nahman Lichtenstein and William Rothner was William Rothner. The signatory for Starwood Mortgage Capital was Grace Y. Chiang.
The property
The residential elevator building with 150 residential units in Greenwood Heights has 101,950 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 150 feet deep with a total lot size of 25,042 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.7 million. The most recent loan totaled $64 million and was provided by Varde Partners on March 31, 2023.
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 one DOB violation, 10 housing violations, and $1,135 in OATH penalties in the last year.
The block
On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 115,350 square feet of the 115,350 square feet. The two identified owners are Nahman Lichtenstein and 151 18th Street Llc.
On the tax block, there was one new building construction project filed totaling 101,950 square feet. It is a 150-unit, 101,950 square-foot residential (R-2) building submitted by Heritage Equity Partners and filed by Toby Moskovits with plans filed June 20, 2018 and permitted December 11, 2019.
The majority, or 88 percent of the 115,350 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.
The borrower
The PincusCo database currently indicates that Nahman Lichtenstein owned at least three commercial properties with 150 residential units in New York City with 106,807 square feet and a city-determined market value of $8.4 million. (Market value is typically about 50% of actual value.) The portfolio has $64 million in debt, borrowed from Varde Partners. Within the portfolio, the bulk, or 95 percent of the 106,807 square feet of built space are elevator properties, with V0 properties next occupying 5 percent of the space. They are all located in Brooklyn.
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