$5.5M bankruptcy filed for Brownsville industrial following Hirshmark pre-foreclosure

Property owner Vladimir Furleiter through the entity Royal Development Inc. filed a bankruptcy petition to maintain control of a property at 9829 Ditmas Avenue in Brownsville, Brooklyn, while the property lender, Hirshmark Capital, seeks the appointment of a receiver in a state pre-foreclosure case.

Furleiter bought the property in 1992, and refinanced the debt several times over the preceding decades, most recently in November 2021 with lender Hirshmark Capital

Hirshmark Capital through the entity 723 Bristol Street Funding LLC filed that pre-foreclosure action under index number 535935/2023 on December 8, 2023, in State Supreme Court in Brooklyn, claiming a loan with an original principal of of $5.5 million was in default.
The bankruptcy petition claims the property is worth $10 million and it has secured claims of $5.5 million.
Case 1-24-41689-nhl LINK

Bankruptcy petition LINK

The industrial building in Brownsville has 45,740 square feet of built space according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 248 feet and is 68 feet deep with a total lot size of 38,409 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $2.4 million. The most recent loan totaled $5.5 million and was provided by Hirshmark Capital on November 24, 2021.

The surrounding

Within a 400-foot radius of 751 Bristol Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Prime Group Holdings borrowed $147 million from Slate Asset Management secured by the 173,801-square-foot, one-unit industrial (E7) on 1084 Rockaway Avenue and two other properties on August 26, 2022.

Direct link to the property’s ACRIS page.