Abraham Waldman signs $15.8M construction loan with S3 Capital in Bed Stuy

Abraham Waldman through the entity 1211 Fulton St Realty LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re Funding Iii LLC valued at $15.8 million for three development properties including the development parcel (V1) at 1211-1213 Fulton Street in Bedford Stuyvesant, Brooklyn.

The borrower bought the site for $6.9 million.

On these lots, there was one new building construction project, 321596858, for a 31-unit, 23,081 square-foot R-2 building. The project was submitted by Baruch Guttman with plans filed January 10, 2020 and permitted June 9, 2022.
The deal closed on February 20, 2025 and was recorded on March 13, 2025. The three properties have 12,900 square feet of built space and 22,919 square feet of additional air rights for a total buildable of 22,919 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,228 and the price per buildable square foot is $691 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 Abraham Waldman was Abraham Waldman.

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.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.5 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.8 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. There were two pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On the tax block of 1213 Fulton Street, PincusCo has identified the owners of 13 of the 27 commercial properties representing 66,253 square feet of the 127,578 square feet. The largest owner is Ejs Group, followed by Bawabeh Brothers and then Infinity Real Estate.
On the tax block, there were two new building construction projects totaling 186,789 square feet. The largest is a 336-unit, 163,708 square-foot hotel/dormitory/shelter (R-1) building submitted by Robert Pinkas and filed by Robert Pinkas with plans filed September 16, 2019 and permitted April 17, 2023. The second largest is a 31-unit, 23,081 square-foot residential (R-2) building submitted by Baruch Guttman with plans filed January 10, 2020 and permitted June 9, 2022.

The majority, or 65 percent of the 127,578 square feet of built space are mixed-use buildings, with retail buildings next occupying 25 percent of the space.

The borrower

The PincusCo database currently indicates that Abraham Waldman owned at least 10 commercial properties with 97 residential units in New York City with 86,608 square feet and a city-determined market value of $13.9 million. (Market value is typically about 50% of actual value.) The portfolio has $34.1 million in debt, with top three lenders as Peapack-Gladstone Bank, Valley National Bank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 47 percent of the 86,608 square feet of built space are walkup properties, with elevator properties next occupying 43 percent of the space. They are all located in Brooklyn.

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