Congregation Beth Aron Visrael Karlin Stolin signs $20M construction loan for development in Borough Park

Congregation Beth Aron Visrael Karlin Stolin through the entity Congregation Beth Aron V’Israel Karlin Stolin Inc. as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $20 million for the vacant lot (V1) at 4609 16th Avenue in Borough Park, Brooklyn. The Department of Buildings job number for the six-story community facility building was B00695240.
The deal closed on September 29, 2025 and was recorded on October 1, 2025.
The signatory for Congregation Beth Aron Visrael Karlin Stolin was Yaakov Shteierman.

4906 16th Avenue ZD1 DOB Zoning Diagram

The property

The parcel has frontage of 20 feet and is 60 feet deep with a total lot size of 9,775 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $48,000.

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 $18,750 in ECB penalties and $19,190 in OATH penalties in the last year.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2.5 times the average sales volume among other neighborhoods with $718.5 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.It had 1.1 million 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. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 14 commercial properties representing 6,300 square feet of the 88,132 square feet. The two identified owners are Congregation Beth Aron Visrael Karlin Stolin and Congregation Beth Aron V’Israel Karlin Stolin.
On the tax block, there was one new building construction project filed totaling 37,288 square feet. It is a 37,288 square-foot assembly (A-3) building submitted by Chaim Reisman with plans filed March 21, 2022 and permitted March 13, 2023.

The majority, or 47 percent of the 88,132 square feet of built space are elevator buildings, with specialty buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Congregation Beth Aron Visrael Karlin Stolin owned at least one commercial property in New York City with 4,500 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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