Yakup Imir signs $10M refi loan with Provident Bank for industrial in East New York

Yakup Imir through the entity J.A.Shamosh LLC as borrower signed a refi loan with lender Provident Bank valued at $10 million for the industrial building (E9) at 1138 Linwood Street in East New York, Brooklyn.
The deal closed on March 28, 2023 and was recorded on April 24, 2023. The prior lender was TD Bank which held debt that had an original loan amount of $10 million.
The property has 77,000 square feet of built space for a total buildable of 77,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $129 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 January 18, 2008, for $8.6 million. The signatory for Yakup Imir was Yakup Imir. The signatory for Provident Bank was Thomas Spencer.

Prior sales and revenue

The 77,000-square-foot property generated revenue of $1.1 million or $14 per square foot, according to the most recent income and expense figures.

The property

The industrial building in East New York has 77,000 square feet of built space for a total buildable of 77,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 385 feet deep with a total lot size of 77,000 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.9 million. The most recent loan totaled $10 million and was provided by TD Bank on September 3, 2020.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.5 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 2.4 times the average sales volume among other neighborhoods with $840.3 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, East New York is the 5th most active neighborhood among other neighborhoods. It had 5 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 77,000 square feet of the 97,750 square feet. The identified owner is Yakup Imir.
There are no active new building construction projects on this tax block.

All properties are industrial.

The borrower

The PincusCo database currently indicates that Yakup Imir owned at least two commercial properties in New York City with 78,277 square feet. The portfolio has $10 million in debt, borrowed from TD Bank. Within the portfolio, the bulk, or 98 percent of the 78,277 square feet of built space are industrial properties, with retail properties next occupying 2 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Manhattan next at 2 percent of the space.

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