Aaron Berger signs $23.5M refi loan with Genesis LLC for industrial under foreclosure threat in Gowanus

Aaron Berger through the entity Gowanus 9th Street Owner LLC as borrower signed a refi loan with lender Genesis LLC through the entity NEG Financing 10 LLC valued at $23.5 million for the industrial building (E1) at 37 9th Street in Gowanus, Brooklyn.

The property was involved in one lawsuit over the past two years. The suit was a $26 million commercial foreclosure, 525148/2025, filed on July 25, 2025, by Maverick Real Estate Partners against Aaron Berger. Maverick bought the debt on July 14, 2025. The foreclosure case was discontinued on August 18, 2025.
The refinance closed on August 15, 2025 and was recorded on September 3, 2025. The prior lender was Maverick Real Estate Partners which held debt that had an original loan amount of $26 million.The property has 118,367 square feet of built space and 133,631 square feet of additional air rights for a total buildable of 252,134 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $198 and the price per buildable square foot is $93 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 owner bought the property on December 30, 2010, for $6 million. The signatory for Aaron Berger was Aaron Berger. The signatory for Genesis LLC was Ezra Husney .

Prior sales and revenue

The 118,367-square-foot property generated revenue of $2.9 million or $24 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Gowanus has 118,367 square feet of built space and 133,631 square feet of additional air rights for a total buildable of 252,134 square feet according to a PincusCo analysis of city data. The parcel has frontage of 348 feet and is 362 feet deep with a total lot size of 126,067 square feet. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $14.4 million. Maverick Real Estate Partners on July 14, 2025 bought a loan with an original principal of 26000000.0 from Maverick Real Estate Partners signed by Aaron Berger, secured by 37 9th Street, when owned by Aaron Berger.

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 neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2.6 times the average sales volume among other neighborhoods with $735.5 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Gowanus has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 488,367 square feet of the 656,494 square feet. The two identified owners are Elyahu Cohen and Aaron Berger.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 656,494 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Aaron Berger owned at least three commercial properties with 64 residential units in New York City with 173,683 square feet and a city-determined market value of $20.4 million. (Market value is typically about 50% of actual value.) The portfolio has $41.9 million in debt, with top three lenders as Sterling National Bank, Peapack-Gladstone Bank, and Maverick Real Estate Partners respectively. Within the portfolio, the bulk, or 68 percent of the 173,683 square feet of built space are industrial properties, with walkup properties next occupying 18 percent of the space. They are all located in Brooklyn.

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