Bungalow Projects signs $83.4M construction loan with Farallon to build film studio in East Williamsburg

Bungalow Projects through the entity NYM 215 Moore LLC as borrower signed a new construction loan with lender Farallon Capital Management through the entity Vestibule Holding LLC valued at $83.4 million for the under-development film and television production studio at 242 Seigel Street, also known as 215 Moore Street in East Williamsburg, Brooklyn.

On the lot, there is one active new building construction project, B01072781, for a 181,747 square-foot studio building. The project was submitted by Bungalow Projects and filed by Susi Yu with plans filed August 22, 2024 and permitted September 9, 2025.

The loan closed on September 22, 2025 and was recorded on October 28, 2025. The property has 78,002 square feet of built space and 141,889 square feet of additional air rights for a total buildable of 219,984 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,069 and the price per buildable square foot is $379 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 Bungalow Projects was Susi Yu .

The property

The specialty building in East Williamsburg has 78,002 square feet of built space and 141,889 square feet of additional air rights for a total buildable of 219,984 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 109,992 square feet. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $210,000.

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 $40,900 in ECB penalties and $42,100 in OATH penalties in the last year.

The neighborhood

In East Williamsburg, The majority, or 62 percent of the 17.1 million square feet of commercial built space are industrial buildings, with walkup buildings next occupying 11 percent of the space. In sales, East Williamsburg has 1.3 times the average sales volume among other neighborhoods with $383.1 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, East Williamsburg has 1.2 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.8 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 16 of the 19 commercial properties representing 232,123 square feet of the 268,723 square feet. The two identified owners are Bungalow Projects and Abdallah Njeim.
On the tax block, there was one new building construction project filed totaling 181,747 square feet. It is a 181,747 square-foot 58 building submitted by Bungalow Projects and filed by Susi Yu with plans filed August 22, 2024 and permitted July 22, 2025.

The majority, or 54 percent of the 268,723 square feet of built space are hotel buildings, with mixed-use buildings next occupying 25 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.

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