Bungalow, Bain obtain $64.1M loan from Farallon to build film studio in Red Hook

Bungalow Projects and Bain Capital Real Estate through the entity NYM 145 Wolcott, LLC as borrower signed a new construction loan with lender Farallon Capital Management through the entity Vestibule Holdings, LLC valued at $64.1 million for the film studio at 176 Dikeman Street, also known as 63 Ferris Street in Red Hook, Brooklyn.

On the lot, there is a new building project, B01061966, for a 155,069-square-foot film and TV production studio submitted by Bungalow Projects and filed by Susi Yu with plans filed June 27, 2024 and permitted December 9, 2024.
The deal closed on September 22, 2025 and was recorded on September 25, 2025. The property has zero square feet of built space and 160,000 square feet of additional air rights for a total buildable of 160,000 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $400 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 April 25, 2024, for $35.1 million. The signatory for Bungalow Projects and Bain Capital Real Estate was Susi Yu . The signatory for Farallon Capital Management was Joshua Dapice .

The property

The parcel has frontage of 200 feet and is 500 feet deep with a total lot size of 80,000 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $3.7 million. Ladder Capital on March 18, 2022 bought a loan with an original principal of from signed by Susi Yu, secured by 63 Ferris Street, when owned by Bungalow Projects and Bain Capital Real Estate.

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.

The neighborhood

In Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $292.9 million in sales volume in the last two years and is the 25th highest in Brooklyn. For development, Red Hook has had very little major development activity relative to other neighborhoods.It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 34,965 square feet of the 53,316 square feet. The largest owner is Hilmi Ulgur Aydin, followed by Bain Capital Real Estate and then Bungalow Projects.
On the tax block, there were three new building construction projects totaling 459,225 square feet. The largest is a 210-unit, 300,000 square-foot residential (R-2) building submitted by Draw Brooklyn and filed by Alexandros Washburn with plans filed October 14, 2020 and it has not been permitted yet. The second largest is a 155,069 square-foot 58 building submitted by Bungalow Projects and filed by Susi Yu with plans filed June 27, 2024 and permitted December 9, 2024.

The majority, or 61 percent of the 53,316 square feet of built space are industrial buildings, with office buildings next occupying 21 percent of the space.

The borrower

The PincusCo database currently indicates that Bungalow Projects owned at least 20 commercial properties with 155 residential units in New York City with 242,325 square feet and a city-determined market value of $20.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 242,325 square feet of built space are hotel properties, with mixed-use properties next occupying 28 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Bain Capital Real Estate owned at least three commercial properties in New York City with 24,440 square feet and a city-determined market value of $2.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

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