From left to right: 1 Wythe Ave and 834 Metropolitan Avenue (Google Maps, Trulia, Getty)
The biggest loan slate from the outer boroughs in June was a shadow of itself — mirroring Manhattan — with the 10 biggest totaling just $342 million.
Outlying boroughs brought in $1.16 billion in home loans in May and $1.42 billion last June. Still, the big loans that closed last month speak volumes about lenders’ confidence in homebuilding as rents in the city hit record highs.
Brooklyn captured eight of the loans while the Bronx claimed the other two. Here are more details.
Bankruptcy windfall | $63 million
Joel Wertzberger and Konstantin Gubareff’s limited liability company, Upton Metropolitan, has secured $62.7 million from Metropolitan Corner Bushwick Lender LLC to buy and build at 824, 832 and 834 Metropolitan Avenue in East Williamsburg. Plans for a 147,000 square foot residential building with 136 units were recently filed with the Department of Buildings.
Upton Metropolitan purchased 834 Metropolitan Avenue from Chaskiel Strulovitch’s Chapter 11 bankruptcy for $1.6 million, records show, and the two neighboring properties, 824 and 832, from Michael Kubersky for an undisclosed amount. Wertzberger is affiliated with lenders Bridge City Funding and Hamilton Eastman.
Why not ? | $55 million
Schlomo Karpen has received $55 million from G4 Capital to refinance previous debt and construct a 100,000 square foot mixed-use building at 1 Wythe Avenue in Greenpoint. A new building permit was filed with the Department of Buildings on July 21 following the developer’s request to rezone the property for commercial, industrial and retail use. G4 replaces State Bank of Texas as lender. Some $42 million has been earmarked for new construction.
Give Me Shelter | $53 million
Dan Shavolian’s Foremost Real Estate has received $53.3 million from UMB Bank to purchase and develop 1374 Blondell Avenue in Westchester Square, Bronx. Foremost requested the construction of a 38,000 square foot building on the site as part of a plan to house 200 homeless adult men. Environmental remediation pushed the construction completion date to 2024.
Refi collection | $48 million
Binyamin Beitel’s namesake company has secured $48 million from Berkshire Residential Investments, including $12.7 million in newly created funds, to refinance 100 Lenox Road, a new rental property in Flatbush. Berkshire replaces Bank Hapoalim as the project’s lender. The 90,000 square foot building has 95 rental units, 29 of which are low-income. Construction was completed earlier this year. A two-bedroom, one-bathroom apartment spanning 900 square feet is listed at $5,150.
Resi up | $35 million
Gemini Rosemont Development has received $34.8 million from East West Bank to construct a 70,000 square foot residential building with 59 units at 171 North 1st Street in Williamsburg. Fogarty Finger is the architect of the disc. Gemini purchased the property in 2020 for $18.2 million.
Rapid response | $34 million
A residential portfolio in Brooklyn connected to Jeno Guttman received a $34.1 million refinance loan, including $1.3 million in new funds, from Los Angeles-based Hanmi Bank. The loan replaces debt held by Oritani Bank, which lent Guttman $33 million in 2019, the same year Valley National Bank of New Jersey acquired Oritani. Seven buildings with 245 residential units make up the portfolio in Kensington, Homecrest, Sunset Park, Bath Beach, Midwood, Gravesend and Bensonhurst.
Something looming | $18.5 million
Loom Capital Group has secured $18.5 million from Broadview Capital Partners to acquire 545 Broadway, a 52,600 square foot warehouse in Williamsburg. Loom simultaneously purchased the warehouse for $23 million. Former owner Blesso Properties had filed plans to build a 27-storey mixed-use building on the site, after buying the property in 2016 for $33 million, but the Department of Buildings denied the application.
Better Ded Than Red | $13 million
Ded Gjonaj received $12.8 million from Peapack-Gladstone Bank, including $5 million in new funds, at 275 East Gun Hill Road, an 87-unit rental property in Norwood, Bronx. Gjonaj also secured $12.9 million from Peapack-Gladstone Bank to refinance a 121-unit rental property at 208 West 151st Street in Central Harlem. The loan included $4.5 million in new funds.
Call to Miami | $12 million
Miami-based Lineaire Group has secured $12.4 million from the City National Bank of Florida to purchase 144 North 10th Street, a 32-unit rental property in Williamsburg. The loan repays debt previously held by First Republic Bank and includes $6.4 million in newly created funds. Lineaire paid $18.5 million for the building.
Good luck, Ahron | $10.7 million
A limited liability company linked to Joseph Rubin has secured $10.7 million from Israeli lender Golden Bridge Funding to buy a development plot at 478 St. John’s Place and 419 Lincoln Place in Crown Heights. Ahron Gluck applied for a new building permit in May to build a 25,000 square foot apartment building with 34 units. The site was purchased for $17 million.