$6.9M loan with Hirshmark signed for dev sites in Sheepshead Bay

UPDATED 3:00 p.m., September 10, 2025: The entity 1667 Sheepshead Bay LLC as borrower signed an initial loan with lender Hirshmark Capital through the entity HM LFC Two LLC valued at $6.9 million for two development sites including the 26-unit project at 1667 Sheepshead Bay Road and a parcel with no public plans, that is still a parking lot (GU) at 2510 Coney Island Avenue, both in Sheepshead Bay, Brooklyn.
The deal closed on August 29, 2025 and was recorded on September 5, 2025.
The signatory for the borrower was Yelena Vaynshteyn . The signatory for Hirshmark Capital was Abraham Goldman.

On 1667 Sheepshead Bay Road, there is one active new building construction project, B01099735, for a 26-unit, 48,576 square-foot residential (R-2) building. The project was submitted by BWH Group and filed by Daniel Grinshteyn with plans filed October 1, 2024 and it has not been permitted yet.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $1,000 in OATH penalties in the last year.

The neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.6 times the average sales volume among other neighborhoods with $468.9 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 549,720 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 2510 Coney Island Avenue, PincusCo has identified the owners of two of the 22 commercial properties representing 109,500 square feet of the 163,626 square feet. The two identified owners are Pinnacle Group and BWH Group.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 163,626 square feet of built space are elevator buildings, with retail buildings next occupying 14 percent of the space.

The borrower

The PincusCo database currently indicates that BWH Group owned at least seven commercial properties with 29 residential units in New York City with 29,626 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 50 percent of the 29,626 square feet of built space are retail properties, with M1 properties next occupying 32 percent of the space. They are all located in Brooklyn.

Correction: A representative from BWH Group said the firm did not take out these loans. However, BWH Group is listed in city records as the developer on the project.

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