Abraham Stern, Yechiel Stern obtain $33.5M construction loan from Popular Bank for 78-unit project in Bushwick

Abraham Stern and Yechiel Stern through the entity Noll Street Realty USA LLC as borrower signed a new construction loan with lender Popular Bank valued at $33.5 million for the 78-unit project at 150 Noll Street in Bushwick, Brooklyn.
On the lot, there is one active new building construction project for a 78-unit, 59,789 square-foot residential (R-2) building. The project was developed by Yechiel Stern with plans filed April 23, 2020 and permitted August 26, 2022.
The loan closed on December 29, 2022 and was recorded on January 12, 2023.
The signatory for Abraham Stern and Yechiel Stern was Abraham Stern.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Bushwick, the bulk, or 44 percent of the 33.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 3 times the average sales volume among other neighborhoods with $1 billion in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Bushwick has 1.5 times the average amount of major developments relative to other neighborhoods and is the 11th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 84,111 square feet of the 177,503 square feet. The two identified owners are RiseBoro Community Partnership and All Year Management.
On the tax block, there was one new building construction project filed totaling 59,789 square feet. It is a 78-unit, 59,789-square-foot R-2 building developed by Yechiel Stern with plans filed April 23, 2020 and permitted August 26, 2022.

The majority, or 51 percent of the 177,503 square feet of built space are elevator buildings, with industrial buildings next occupying 35 percent of the space.

The borrower

The PincusCo database currently indicates that Yechiel Stern owned at least one commercial property in New York City with 22,968 square feet and a city-determined market value of $2 million. (Market value is typically about 50% of actual value.) The portfolio has $5.3 million in debt, borrowed from New York Community Bank. The portfolio consists of at least a single walkup property. It is located in Brooklyn.

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