Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
Brooklyn dominated the list of the 10 largest outer-borough commercial real estate loans in April, with seven loans representing nearly 90 percent of the total dollar volume issued in outer boroughs.
Each of the 10 loans was smaller than $90 million, with the total coming in around $830 million. That’s a significant dip from March’s total of $1.95 billion, but still better than the same month last year, when the top 10 loans’ total value was $689 million.
Here’s the complete list:
1) Construction on Cropsey | Brooklyn | $87.4 million
Joel Landau’s Allure Group and Landpex Development secured a construction loan from Bank Leumi USA to build a 30-story mixed-use tower at 2218 Cropsey Avenue and 2230 Cropsey Avenue in Gravesend. The building is expected to have 243 residential units and 28,000 square feet dedicated to a community facility, according to a building application filed with the city.
2) Bushwick builders | Brooklyn | $65.6 million
Greenbrook Partners and the Carlyle Group secured a loan from Invesco Real Estate for 11 parcels at 106 Harman Street, 1117 Jefferson Avenue, 1236 Halsey Street, 1310 Putnam Avenue; 752 and 1312 Bushwick Avenue; 310 and 312 Menahan Street; 756 Lincoln Place, 79A Cooper Street, and 978 Bedford Avenue. Most of the residential properties are located in Bushwick.
3) Bed-Stuy refi | Brooklyn | $53 million
Bruman Realty landed a refinancing from Arbor Realty for a 116-unit rental building at 1134 Fulton Street in Bedford-Stuyvesant. The property is part of the 14-building Bruman portfolio that Dalan Management and KKR agreed to buy last year. Each building in the portfolio is in different phases of the closing process, with at least $122.5 million of what is said to be an $860 million deal finalized.
3) Financing on Fulton | Brooklyn | $53 million
Joseph Moinian’s Moinian Group secured this refinancing from SG Capital Partners for its 11-story, 132-unit residential development at 1426 and 1428 Fulton Street in Bedford-Stuyvesant. Bruman Realty’s Joseph Brunner signed the loan document. Leasing for the luxury building, which features studio to three-bedroom apartments, is ongoing.
5) Waterfront’s warehouse | Queens | $51 million
Waterfront NY Realty landed this loan from AIG, which consolidated existing mortgages on two parcels at 48-39 and 48-49 35th Street in Sunnyside. The borrower purchased the parcels in 2018 for $72 million. No. 48-49 houses a 256,000-square-foot warehouse, while the smaller adjacent site is a parking lot.
6) Leser is more | Brooklyn | $33.65 million
Abraham Leser’s Leser Group secured this financing from Metropolitan Commercial Bank for a parcel at 1495 Herkimer Street in Ocean Hill. Leser acquired the property, which is home to a 110,000-square-foot educational facility, in 2015 for $33 million. According to Brooklyn Community Board 8, Roads Charter High School is located at this address.
7) Providential loan | Bronx | $32.24 million
Gilbane Development of Providence, Rhode Island, secured this loan backed by 15 multifamily properties, including ones at 1085 Anderson Avenue; 1090 Ogden Avenue; 1139, 1144 and 1184 Nelson Avenue; 125 and 130 West 166th Street; 1373, 1377, 1381, 1390, 1392 and 1394 Franklin Avenue; and 631 Jefferson Place. These buildings are owned by New York City Housing Authority, and the loan will be used to rehabilitate them.
8) Dekalb deal | Brooklyn | $31.5 million
With this deal, borrower Joseph Heimann refinanced existing loans backed by a six-story, 56,000-square-foot office building at 500 Dekalb Avenue. The property formerly housed the North Brooklyn SNAP Center. Heimann acquired it for about $23.3 million in 2018, according to public records.
9) InSite-ful | Queens | $25.8 million
California-based self-storage developer InSite landed this construction loan backed by a parcel at 59-02 Borden Avenue, also known as 59-20 Maurice Avenue, in Maspeth. In March, the company purchased the site — which comes with 136,000 square feet of development rights — from Home Depot U.S.A. for $18 million. The loan was issued by Valley National Bank.
10) Clinton Hill construction | Brooklyn | $25.2 million
Efraim Weber’s entity 963 Holdings secured a construction loan, backed by a parcel at 963 Atlantic Avenue in Clinton Hill, from Axos Bank. Weber has filed an application to build a nine-story building on the site. The project would have 124 residential units and about 5,000 square feet of commercial space.
