Zyssel Reiner signs $17M construction loan with Ponce Bank for office in Bensonhurst

Zyssel Reiner through the entity 1530 60th LLC as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $17 million for the development building (V1) at 1514 60th Street in Bensonhurst, Brooklyn.
On the lot, there is one active new building construction project for a 54,025 square-foot office (B) building. The project was submitted by Royal Builders and filed by Joshua Markovics with plans filed March 26, 2021 and permitted June 6, 2023.
The deal closed on November 7, 2023 and was recorded on November 15, 2023. The property has 5,862 square feet of built space and 54,196 square feet of additional air rights for a total buildable of 54,196 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $313 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 Zyssel Reiner was Zyssel Reiner.

The property

The parcel has frontage of 220 feet and is 119 feet deep with a total lot size of 13,549 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 $640,000.

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.

The neighborhood

In Bensonhurst, The bulk, or 34 percent of the 16.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Bensonhurst has near average sales volume among other neighborhoods with $357.4 million in sales volume in the last two years and is the 22nd highest in Brooklyn. For development, Bensonhurst has had very little major development activity relative to other neighborhoods.It had 443,349 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 15 commercial properties representing 71,848 square feet of the 92,534 square feet. The identified owner is Leser Group.
On the tax block, there was one new building construction project filed totaling 54,025 square feet. It is a 54,025 square-foot business (B) building submitted by Royal Builders and filed by Joshua Markovics with plans filed March 26, 2021 and permitted June 6, 2023.

The majority, or 78 percent of the 92,534 square feet of built space are elevator buildings, with development buildings next occupying 11 percent of the space.

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