$21.6M new construction loan with MonticelloAM for 74-unit project in Far Rockaway
135 Beach 29th Street (Credit - Cyclomedia)
Isreal Hirsch through the entity Beach Development 29th Holding LLC as borrower signed a new construction loan with lender MonticelloAM through the entity Blkm Funding (Trs), LLC valued at $21.6 million for the property at 135 Beach 29th Street in Far Rockaway, Queens.
On this parcel, there is a 74-unit, 41,321 square-foot residential (R-2) development project, Q01177738, submitted by Herman Jacob with plans filed February 11, 2025 and permitted January 9, 2026.
The loan closed on June 4, 2026 and was recorded on June 15, 2026. The prior lender was BX Capital which held debt that had an original loan amount of $2.4 million.The property has zero square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $N/A 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 Isreal Hirsch was Isreal Hirsch, who also uses the names Isreal Chaim Hirsch and Israel Hirsch. The signatory for MonticelloAM was Marc A. Fox .
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 block
On this tax block, PincusCo has identified the owners of one of the five commercial properties representing zero square feet of the zero square feet. The identified owner is Israel Chaim Hirsch .
On the tax block, there were 11 new building construction projects totaling 64,121 square feet. The largest is a 74-unit, 41,321 square-foot residential (R-2) building submitted by Herman Jacob and filed by Herman Jacob with plans filed February 11, 2025 and permitted January 9, 2026. The second largest is a two-unit, 2,280 square-foot residential (R-3) building submitted by Matthew Ahdoot with plans filed April 9, 2025 and it has not been permitted yet.
All properties are development.
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