Jacob Landau signs $6.1M refi with Grasshopper Bank for new rentals in Brownsville

Jacob Landau and Michael Melnicke through the entity 519 Saratoga LLC as borrower signed a refi loan with lender Grasshopper Bank valued at $6.1 million for two properties with nine residential units including the nine-unit residential walkup building (C1) at 517 Saratoga Avenue and the nine unit building at 519 Saratoga Avenue in Brownsville, Brooklyn.

On the tax block, there were two new building construction projects totaling 12,119 square feet. The largest was a nine-unit, 6,133 square-foot residential (R-2) building submitted by Jacob Landau with plans filed January 22, 2020 and permitted May 31, 2022. The second largest is a nine-unit, 5,986 square-foot residential (R-2) building submitted by Jacob Landau with plans filed January 11, 2021 and permitted May 31, 2022.
The deal closed on January 21, 2026 and was recorded on January 27, 2026. The prior lender was Toorak Capital Partners which held debt that had an original loan amount of $4.9 million.The two properties have 6,458 square feet of built space and 5,003 square feet of additional air rights for a total buildable of 10,006 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $944 and the price per buildable square foot is $609 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 Jacob Landau and Michael Melnicke was Jacob Landau. The signatory for Grasshopper Bank was Arthur Birenbaum .

Prior sales, articles and revenue

The owner according to the Department of Housing Preservation and Development is Jacob Landau, head officer. The business entity is 519 Saratoga Llc. Out of the two properties, one with a total of 6,458 square feet of built space generated revenue of $199,273 per year.

The property

The residential walkup building with 9 residential units in Brownsville has 6,458 square feet of built space and 5,003 square feet of additional air rights for a total buildable of 10,006 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,059 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $146,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $350 in OATH penalties in the last year.

The block

The majority, or 56 percent of the 79,391 square feet of built space are mixed-use buildings, with walkup buildings next occupying 41 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Landau owned at least six commercial properties with 173 residential units in New York City with 102,834 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) The portfolio has $27.2 million in debt, borrowed from Popular Bank and Starwood Mortgage Capital. Within the portfolio, the bulk, or 44 percent of the 102,834 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 35 percent of the space.
The PincusCo database currently indicates that Michael Melnicke owned at least one commercial property in New York City with 61,433 square feet and a city-determined market value of $6.9 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from Bankwell Bank and Community Federal Savings Bank. The portfolio consists of at least a single specialty property. It is located in Queens.

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