New York’s Outer Borough’s Biggest Loans in September 2022

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From left to right: 43-10 23rd Street, 2930 W 30th St and the Lewis Steel Building (Trulia, City Realty, Google Maps, Getty)

The 10 largest home loans in Brooklyn, Queens and Bronx recorded in September totaled $477 million, just a third of the top 10 total for September 2021 and for last month, when large loans in the outer boroughs rivaled those in Manhattan.

Residential real estate captured all of the largest loans in the past month outside of Manhattan. All but one were secured by multi-family properties; the exception was a hotel turned homeless shelter.

Here are more details.

Square offer | $116 million

Longfellow Real Estate Partners and Sculptor Real Estate received this loan from Square Mile Capital to develop a life sciences project at 43-10 23rd Street, Long Island City. The seven-story office building spans 208,000 square feet. Square Mile provided $70 million in property-secured construction financing; total funding was $155 million. The partnership purchased the property in December 2021 for $92.5 million.

Upgrade | $80 million

Arker Companies received the Merchants Bank of Indiana loan to finance 2930 West 30th Street, a 362-unit apartment building in Coney Island, Brooklyn. The building is 387,000 square feet and was built in 1972. The funds pay off a $22.9 million mortgage held by state and federal housing agencies.

Steel Case | $50 million

Toll Brothers scion Jacob Toll and Cayuga Capital Management have refinanced the Lewis Steel Building in Williamsburg with cash from Signature Bank. Toll and Cayuga converted the industrial building at 76 North 4th Street in 2013 to include 84 rental apartments and 34,000 square feet of retail space. The funds replace Natixis, which had consolidated senior debt and construction debt on the building, as lender.

Boerum to tears | $44 million

Adam America Real Estate has consolidated nine mortgages on two apartment buildings, at 577 and 595 Baltic Street in Boerum Hill, Brooklyn, with this loan from Valley National Bank. The buildings, constructed in 2016, have 97 units combined over 80,000 square feet.

Shelter Help | $37 million

Shulem Herman refinanced a 168-unit homeless shelter, formerly a hotel, at 52-34 Van Dam Street in Long Island City with this loan from Dime Community Bank. It includes $17 million in newly created funds at an interest rate of 4.25%. Herman bought the property, formerly a Fairfield Inn, in 2018 for $36.5 million. It also has hotels in Edgemere and Crown Heights that serve as homeless shelters.

Refi Rental | $36 million

Realty Within Reach has refinanced a 147-apartment building at 497 St. Marks Avenue in Crown Heights with $36.2 million from Pennsylvania-based Customers Bank. The loan consolidates construction debt and senior debt on the 100,000 square foot property, built in 2015. Realty Within Reach purchased the 31,000 square foot parcel below the building in 2011 for $4.5 million.

Money to launder | $35 million

The Fairview, a 424-unit co-op in Forest Hills, Queens, received this loan from the National Consumer Cooperative Bank, an institution created by Congress to lend to co-operative businesses and residences. The co-op, located at 61-20 Grand Central Parkway, filed a request in September with the Department of Buildings to repair the building’s laundry room and garage.

dutch treat | $32 million

Konstandinos Vorillas’ Femc Realty has secured $31.5 million – including $27 million in construction loans – from UMB Bank to construct a 46-unit residential building covering 89,000 square feet in Dutch Kills. Vorillas assembled land for the project, at 27-09 40th Avenue, in 2018 and 2019 for a total of $12.5 million. The old industrial section of Long Island City continues to transform. “Projects planned years ago are finally coming to fruition,” Compass agent Tim Rothman told The New York Times recently.

This is Living-ston | $30 million

Yitzchok Katz has secured $29.5 million from G4 Capital Partners and Axos Bank to purchase and build two plots in downtown Brooklyn. The funds include $24 million in new debt and replace Signature Bank as lender. Katz filed plans in September to build a 74-unit building covering 42,500 square feet at 362 Livingston Street. He bought the land for the project the same month for $25.5 million.

Bronx trio | $17 million

Bernard Miller Entities received $17.25 million from Signature Bank to purchase three apartment buildings in the Bronx with a total of 182 units and 174,000 square feet. Miller purchased the buildings – 2206 Holland Avenue and 2260 Bronx Park East in Bronxwood and 730 East 236th Street in Wakefield – simultaneously for $23 million.

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