Central Bridge LLC buys $5.4M note secured by Shulem Herman’s industrial in Bushwick

Central Bridge LLC through the entity Central Bridge LLC bought a note with an original principal of $5.4 million from Blackstone Group secured by Shulem Herman’s industrial building (F4) at 348 Troutman Street in Bushwick, Brooklyn.
The deal closed on March 31, 2025 and was recorded on June 5, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $5.4 million.The property has 20,565 square feet of built space according to a PincusCo analysis of city data.
The owner bought the property on February 15, 2023, for $8.5 million. The signatory for Shulem Herman was Shulem Herman. This was a former Signature Loan given in February 2023. PincusCo cannot determine who the principal or principals are behind Central Bridge LLC.

The property

The industrial building in Bushwick has 20,565 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 18,162 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.2 million. The most recent loan totaled $5.4 million and was provided by Signature Bank on February 15, 2023.

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.

Development

On the lot, there is one active major alteration construction project, 321927117, for a 20,580 square-foot A-2 building. The project was submitted by James Wiseman with plans filed February 13, 2019 and it has not been permitted yet.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2.2 times the average sales volume among other neighborhoods with $603 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 847,390 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 25 commercial properties representing 32,377 square feet of the 176,370 square feet. The largest owner is Shulem Herman, followed by Paul W. Henry and then Riseboro Community Partnership.
On the tax block, there was one new building construction project filed totaling 2,499 square feet. It is a 2,499 square-foot business (B) building submitted by Bert Brodsky with plans filed January 26, 2017 and it has not been permitted yet.

The majority, or 35 percent of the 176,370 square feet of built space are industrial buildings, with walkup buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Shulem Herman owned at least 17 commercial properties with 124 residential units in New York City with 236,047 square feet and a city-determined market value of $37.1 million. (Market value is typically about 50% of actual value.) The portfolio has $112.8 million in debt, with top three lenders as Dime Community Bank, Broadview Funding, and Bethpage Federal Credit Union respectively. Within the portfolio, the bulk, or 49 percent of the 236,047 square feet of built space are hotel properties, with walkup properties next occupying 29 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Queens next at 49 percent of the space.

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