Atari Realty signs $9M construction loan with S3 Capital for 29-unit project in East Flatbush
Joseph Atarien’s Atari Realty through the entity 193 Street LLC as borrower signed a construction loan with lender S3 Capital through the entity S3 Re Funding III LLC valued at $9 million for the 29-unit project at 134 Erasmus Street in East Flatbush, Brooklyn.
On the lot, there is one active new building construction project, 321386932, for a 29-unit, 25,965 square-foot residential (R-2) building. The project was submitted by Atari Realty and filed by Joseph Atarien with plans filed March 11, 2019 and permitted September 27, 2024.
The deal closed on November 6, 2024 and was recorded on November 14, 2024. The property has 25,965 square feet of buildable according to a PincusCo analysis of city data. The loan price per buildable square foot is $347 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 Atari Realty was Joseph Atarien.
The property
The parcel has frontage of 75 feet and is 130 feet deep with a total lot size of 9,750 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $903,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project, 321386932, for a 29-unit, 25,965 square-foot R-2 building. The project was submitted by Atari Realty and filed by Joseph Atarien with plans filed March 11, 2019 and permitted September 27, 2024.
The neighborhood
In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.5 times the average sales volume among other neighborhoods with $391.7 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East Flatbush has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 14 of the 26 commercial properties representing 111,601 square feet of the 159,400 square feet. The largest owner is Leah Waldman, followed by Mordechai Schwimmer and then Solomon Feder.
On the tax block, there were six new building construction projects totaling 99,704 square feet. The largest is a 29-unit, 25,965 square-foot residential (R-2) building submitted by Atari Realty and filed by Joseph Atarien with plans filed March 11, 2019 and permitted June 14, 2022. The second largest is a 32-unit, 22,011 square-foot residential (R-2) building submitted by JIH Property Group and filed by Jacob Hirsch with plans filed January 19, 2022 and permitted June 2, 2022.
The majority, or 79 percent of the 159,400 square feet of built space are walkup buildings, with mixed-use buildings next occupying 11 percent of the space.
Direct link to Acris document. link