CAVU Property signs $19.5M construction loan for retail, office in Flatlands

CAVU Property Group through the entity 2255 Nostrand LLC as borrower signed a new construction loan with lender Levon Capital through the entity Levon NY DMXXIV LLC valued at $19.5 million for the property at 2255 Nostrand Avenue in Flatlands, Brooklyn.
Steven Hurwitz, president of CAVU Property Group submitted a new building construction project for a 33,921 square-foot retail and office building at 2255 Nostrand Avenue in Flatlands, Brooklyn. The plan was filed with the New York City Department of Buildings on May 31, 2023 under job number B00852545. It calls for the construction of a four-story building. The project is described in the filing as: proposed four (4) story mixed use building.
The deal closed on June 21, 2024 and was recorded on June 28, 2024.

The signatory for CAVU Property Group was Steven Hurwitz. This is new lot 13, which was cut from lot 12, and is located midblock on Nostrand between 2249 Notrand Avenue, lot 16, and lot 12. Lot 12 is now about half the size and occupies the corner lot of Nostrand and Avenue I, with the address 3009 Avenue I.

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 $7,500 in ECB penalties and $7,500 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of five of the six commercial properties representing 194,650 square feet of the 194,650 square feet. The largest owner is Maheshchand M. Ratanji, followed by Juda Rosenfeld and then CAVU Property Group.
On the tax block, there were five new building construction projects totaling 291,877 square feet. The largest is a 67-unit, 89,149 square-foot residential (R-2) building submitted by Jackson Group and filed by Gabriel Chehebar with plans filed May 31, 2023 and permitted December 12, 2023. The second largest is a 79,232 square-foot business (B) building submitted by Joyland Management and filed by Judy Wolcowitz with plans filed September 28, 2015 and it has not been permitted yet.

The majority, or 87 percent of the 194,650 square feet of built space are elevator buildings, with retail buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Cavu Property Group owned at least two commercial properties with 41 residential units in New York City with 46,359 square feet and a city-determined market value of $8.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 46,359 square feet of built space are elevator properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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