Claudio Soifer signs $10.5M refi with Hirshmark Capital for 57-unit development in Park Slope

Claudio Soifer through the entity 167-174 4th Avenue LLC as borrower signed a refi loan with lender Hirshmark Capital through the entity 171 Fourth Ave Funding LLC valued at $10.5 million for the development building (V1) at 171 4th Avenue in Park Slope, Brooklyn.

On the lot, there is one active new building construction project for a 57-unit, 78,793 square-foot R-2 building. The project was developed by Gordon Gemma with plans filed January 7, 2019 and it has not been permitted yet.

The deal closed on November 30, 2022 and was recorded on December 6, 2022. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $7 million.
The signatory for Claudio Soifer was Claudio Soifer. The signatory for Hirshmark Capital was Mark Levin.

The property

The 171 4th Avenue parcel has frontage of 118 feet and is 75 feet deep with a total lot size of 9,214 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent prior loan totaled $7 million and was provided by Bank Hapoalim on January 3, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Park Slope, the bulk, or 36 percent of the 9.8 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 26 percent of the space. In sales, Park Slope has 1.8 times the average sales volume among other neighborhoods with $634.8 million in sales volume in the last two years and is the 8th highest in Brooklyn. For development, Park Slope has had very little major development activity relative to other neighborhoods.It had 466,647 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the nine commercial properties representing 4,615 square feet of the 44,231 square feet. The two identified owners are Adam Fawer and Claudio Soifer.
On the tax block, there were two new building construction projects totaling 96,160 square feet. The largest is a 57-unit, 78,793-square-foot R-2 building developed by Gordon Gemma with plans filed January 7, 2019 and it has not been permitted yet. The second largest is a 18-unit, 17,367-square-foot R-2 building developed by Imran Tahir with plans filed November 25, 2013 and it has not been permitted yet.

The majority, or 65 percent of the 44,231 square feet of built space are mixed-use buildings, with walkup buildings next occupying 35 percent of the space.

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