W&L Group signs $36M refi with Goodman Capital for condo project in Gravesend

W&L Group through the entity Cropsey Partners LLC as borrower signed a refi loan with lender Goodman Capital through the entity Cropsey Avenue Servicing LLC valued at $36 million for 98 residential condo units and two commercial condo units at the building 2286 Cropsey Avenue in Gravesend, Brooklyn.
The deal closed on October 30, 2024 and was recorded on November 8, 2024.
The signatory for W&L Group was Tony Wang. The signatory for Goodman Capital was Eric Goodman.

The block

On the tax block of 2286 Cropsey Avenue, PincusCo has identified the owners of four of the four commercial properties representing 649,073 square feet of the 649,073 square feet. The largest owner is W&L Group, followed by Cammeby’s International Group and then Landpex Development.
On the tax block, there were three new building construction projects totaling 1,227,221 square feet. The largest is a 110-unit, 765,291 square-foot residential (R-2) building submitted by NY Developers & Management and filed by Jay Zeldes with plans filed April 27, 2021 and permitted July 31, 2023. The second largest is a 154-unit, 239,426 square-foot residential (R-2) building submitted by W&L Group and filed by Meng Hua Wang with plans filed September 24, 2014 and permitted December 21, 2020.

The majority, or 100 percent of the 649,073 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that W&L Group owned at least five commercial properties with 231 residential units in New York City with 718,786 square feet and a city-determined market value of $33.3 million. (Market value is typically about 50% of actual value.) The portfolio has $281.7 million in debt, with top three lenders as G4 Capital Partners, Preferred Bank, and Royal Business Bank respectively. Within the portfolio, the bulk, or 60 percent of the 718,786 square feet of built space are elevator properties, with hotel properties next occupying 40 percent of the space. The bulk, or 41 percent of the built space, is in Brooklyn, with Queens next at 37 percent of the space.

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