Avdoo & Partners signs $14.8M refi with Valley National Bank for condo site in Boerum Hill

Avdoo & Partners Development through the entity Cobble Hill Owner LLC as borrower signed a refi loan with lender Valley National Bank valued at $14.8 million for the development site (V1) at 110 Boerum Place in Boerum Hill, Brooklyn.
The deal closed on February 20, 2025 and was recorded on February 28, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $15.4 million.The property has 28,480 square feet of built space and 34,934 square feet of additional air rights for a total buildable of 34,934 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $520 and the price per buildable square foot is $424 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 owner bought the property on July 25, 2023, for $20.1 million. The signatory for Avdoo & Partners Development was Shlomi Avdoo . The signatory for Valley National Bank was Roland M. Cablayan .

The property

The development building in Boerum Hill has 28,480 square feet of built space and 34,934 square feet of additional air rights for a total buildable of 34,934 square feet according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 100 feet deep with a total lot size of 17,467 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.4 million. The most recent loan totaled $12 million and was provided by Signature Bank receiver on July 25, 2023.

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 $7,500 in ECB penalties and $7,500 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 18, 2017. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by COBBLE HILL OWNER LLC to create 21 residential units in a building at 110 Boerum Place in Boerum Hill, Brooklyn, called 110 Boerum Place Condominium, according to an January 22, 2025 submission to the New York State Attorney General. The principals of the sponsor, COBBLE HILL OWNER LLC, were Shlomo Avdoo and Yosi Cohen.

The neighborhood

In Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Boerum Hill has 1.3 times the average sales volume among other neighborhoods with $357.7 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Boerum Hill has 1.9 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 16 commercial properties representing 90,085 square feet of the 125,990 square feet. The largest owner is Avdoo & Partners Development, followed by Reda Holdings and then Eli Hamway.
There are no active new building construction projects on this tax block.

The majority, or 32 percent of the 125,990 square feet of built space are mixed-use buildings, with retail buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Avdoo & Partners Development owned at least 19 commercial properties with 226 residential units in New York City with 199,373 square feet and a city-determined market value of $49.3 million. (Market value is typically about 50% of actual value.) The portfolio has $231.4 million in debt, with top three lenders as Valley National Bank, Bank Leumi, and Bank Hapoalim respectively. Within the portfolio, the bulk, or 27 percent of the 199,373 square feet of built space are walkup properties, with retail properties next occupying 17 percent of the space. The bulk, or 79 percent of the built space, is in Brooklyn, with Manhattan next at 21 percent of the space.

Correction: In a prior version of this post, Shlomi Avdoo’s first name was misspelled, and the development project was listed as 100 Boerum Place, when the current name for the parcel is 110 Boerum Place.

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