Cohabs signs $40M acquisition loan with Axos Bank for three properties in Brooklyn

Cohabs through the entity 108 Troutman Street LLC as borrower signed an acquisition loan with lender Axos Bank  valued at $40 million for three properties with 13 residential units including the four-unit building (C3) at 108 Troutman Street in Bushwick, Brooklyn, four-unit building (C3) at 1516 Greene Avenue in Bushwick, Brooklyn, and five-unit residential walkup building (C2) at 723 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on February 6, 2026 and was recorded on March 9, 2026. The three properties have 12,885 square feet of built space and 13,800 square feet of additional air rights for a total buildable of 26,689 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,107 and the price per buildable square foot is $1,500 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 Cohabs was James Grasso .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 108 Troutman Street.

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 one DOB violation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 108 Troutman Street, PincusCo has identified the owners of 12 of the 24 commercial properties representing 286,680 square feet of the 329,898 square feet. The largest owner is Yitzchok Schwartz, followed by Mordechai Halberstam and then Joel Gross.
On the tax block, there was one new building construction project filed totaling 5,046 square feet. It is a eight-unit, 5,046 square-foot residential (R-2) building submitted by Dong Koock Junk with plans filed October 23, 2020 and permitted December 17, 2021.

The majority, or 74 percent of the 329,898 square feet of built space are elevator buildings, with walkup buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Cohabs owned at least 22 commercial properties with 70 residential units in New York City with 115,471 square feet and a city-determined market value of $31.3 million. (Market value is typically about 50% of actual value.) The portfolio has $71.1 million in debt, borrowed from Axos Bank. Within the portfolio, the bulk, or 37 percent of the 115,471 square feet of built space are C3 properties, with C0 properties next occupying 16 percent of the space. The bulk, or 84 percent of the built space, is in Brooklyn, with Manhattan next at 16 percent of the space.

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