AbeCo signs $18.5M refi with Morgan Stanley for Gravesend rental with 41 units

AbeCo Organization through the entity Quentin Plaza LLC as borrower signed a refi loan with lender Morgan Stanley valued at $18.5 million for the 41-unit residential elevator building (D6) at 1881 to 1887 Mcdonald Avenue, with an alternate address of 361 to 369 Quentin Road, in Gravesend, Brooklyn.
The deal closed on August 1, 2025 and was recorded on August 12, 2025. The prior lender was Metropolitan Commercial Bank which held debt that had an original loan amount of $15 million. The property has 61,363 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $301 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 AbeCo Organization was Abraham Betesh . The signatory for Morgan Stanley was Jane H. Lam .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Abe Betesh, head officer. The business entity is Quentin Plaza LLC.

The property

The residential elevator building with 41 residential units in Gravesend has 61,363 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 112 feet and is 100 feet deep with a total lot size of 11,200 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.8 million. The most recent loan totaled $15 million and was provided by Metropolitan Commercial Bank on October 19, 2022.

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 not received any significant violations in the last year.

Development

On these lots, there was one new building construction project, 321982182, for a 40-unit, 51,184 square-foot residential (R-2) building. The project was submitted by AbeCo Organization and filed by Abe Betesh with plans filed February 20, 2020 and permitted October 24, 2022.

The block

On the tax block of 1881/1887 Mcdonald Avenue, PincusCo has identified the owners of six of the 10 commercial properties representing 111,421 square feet of the 116,391 square feet. The largest owner is Rogosin Institute, followed by Jem Realty Management and then Isaac Wolfe.
On the tax block, there were two new building construction projects totaling 56,434 square feet. The largest is a 40-unit, 51,184 square-foot residential (R-2) building submitted by Abeco Organization and filed by Abe Betesh with plans filed February 20, 2020 and permitted October 24, 2022. The second largest is a one-unit, 5,250 square-foot residential (R-3) building submitted by Isaac Wolfe with plans filed September 20, 2023 and permitted November 7, 2024.

The majority, or 53 percent of the 116,391 square feet of built space are elevator buildings, with office buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Abeco Organization owned at least 16 commercial properties with 242 residential units in New York City with 125,158 square feet and a city-determined market value of $23.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 43 percent of the 125,158 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. They are all located in Brooklyn.

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