Brookland sells Ridgewood development site for $6.5M

Brooklyn-based Summerfield Group Ventures LLC paid Brookland Upreal’s New Summerfield LLC $6.5 million for 1671 Summerfield Street in Ridgewood. The deal closed on August 26, 2019, and was recorded on September 17, 2019. The parcel has total development potential of 60,000 square feet.

Boaz Gilad’s Brookland Capital took control of the parcel in June 2015 for a zero dollar consideration, then filed plans in 2016 for two identical, 28-unit rental buildings on the site. In 2017, Brookland borrowed $12.5 million from a group of individuals who lent the money under the entity Evenchen Limited LLC. In January, Evenchen assigned the loan to Hirshmark Capital. Meanwhile, Brookland Upreal, the British Virgin Islands company that issued bonds on the Tel Aviv Stock Exchange for the benefit of Brookland Capital, took control of the company. The administrator for Brookland Upreal, Ronel Ben-Dov, signed the sale documents on behalf of the seller Brookland.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 2 new building permit applications totaling 39,378 square feet. Those plans include a total of 56 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.