Aron Schwartz signs $33M construction loan with Golden Bridge for 110-unit project in Cypress Hills

Aron Schwartz through the entity 2667 Fulton LLC as borrower signed a new construction loan with lender Golden Bridge Funding through the entity Golden Bridge R2 LLC valued at $33 million for the 110-unit, 77,469-square-foot residential (R-2) at 96 Vermont Street with an alternate address of 2667 Fulton Street in Cypress Hills, Brooklyn.
The deal closed on March 25, 2024 and was recorded on March 27, 2024. The prior lender was Broad X Funding which held debt that had an original loan amount of $6 million.
The signatory for Aron Schwartz was Aron Schwartz. The signatory for Golden Bridge Funding was Haim Dadi.

Schwartz filed the plans under job number B00699404 on March 16, 2022 and it was permitted on February 23, 2024.

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 $41,150 in ECB penalties and $43,950 in OATH penalties in the last year.

The neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $80.8 million in sales volume in the last two years. For development, Cypress Hills has 1.2 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On the tax block of 81 New Jersey, PincusCo has identified the owners of six of the 18 commercial properties representing 12,843 square feet of the 45,756 square feet. The two identified owners are Yuzef Muladzhanov and Aron Schwartz.
On the tax block, there was one new building construction project, which is the Aron Schwartz project.

The majority, or 60 percent of the 45,756 square feet of built space are mixed-use buildings, with industrial buildings next occupying 19 percent of the space.

The borrower

The PincusCo database currently indicates that Aron Schwartz owned at least seven commercial properties with 50 residential units in New York City with 12,279 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $22 million in debt, borrowed from Ponce Bank and Broad X Funding. Within the portfolio, the bulk, or 46 percent of the 12,279 square feet of built space are walkup properties, with development properties next occupying 23 percent of the space. They are all located in Brooklyn.

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