Aviran Nachum signs $12.5M construction loan with S3 Capital for 10-unit project in Gravesend

Aviran Nachum through the entity 325 Avenue U Realty LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Sb Real Estate Credit A Trust valued at $12.5 million for the development building (V1) at 325 Avenue U in Gravesend, Brooklyn.

There is a new building project, B01086106, for a 10-unit, 17,988 square-foot residential (R-2) building, submitted by Aviran Nachum with plans filed August 8, 2024 and permitted April 10, 2025.
The deal closed on February 19, 2026 and was recorded on March 6, 2026. The prior lender was Fortune Financials Holdings which held debt that had an original loan amount of $2.1 million.

The property has zero square feet of built space and 6,000 square feet of additional air rights for a total buildable of 6,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $2,083 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 May 31, 2016, for $2.9 million. The signatory for Aviran Nachum was Aviran Nachum.

The property

The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $422,000.

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 not received any significant violations in the last year.

Development

On the lot, there was an older, larger project planned for this parcel, 321496822, which was a new building project for a 10-unit, 19,231 square-foot R-2 building submitted by Michael Armouth with plans filed December 16, 2016 and it was never permitted.

The neighborhood

In Gravesend, The bulk, or 40 percent of the 19.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $298.4 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, Gravesend has had very little major development activity relative to other neighborhoods.It had 557,161 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 27,679 square feet of the 187,911 square feet. The largest owner is Jackson Group, followed by Marcus Adjmi and then Alan Karul.
On the tax block, there were 11 new building construction projects totaling 79,764 square feet. The largest is a 10-unit, 19,231 square-foot residential (R-2) building submitted by Michael Armouth with plans filed December 16, 2016 and it has not been permitted yet. The second largest is a 10-unit, 17,988 square-foot residential (R-2) building submitted by Aviran Nachum and filed by Aviran Nachum with plans filed August 8, 2024 and permitted April 10, 2025.

The majority, or 73 percent of the 187,911 square feet of built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space.

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