Convergent Energy and Power signs $17.3M loan for energy storage in East Flatbush

Convergent Energy and Power through the entity Bensonhurst Energy Storage 1, LLC as borrower signed a initial loan with lender MUFG Bank  valued at $17.3 million for the battery energy storage system with the approximate address of 1017 East 48th Street in East Flatbush, Brooklyn.
The deal closed on February 13, 2026 and was recorded on February 27, 2026. The property has zero square feet of built space and 92,000 square feet of additional air rights for a total buildable of 92,000 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $188 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 Convergent Energy and Power was Sebastian Villaveces .

The property

The parcel has frontage of 121 feet and is 100 feet deep with a total lot size of 18,400 square feet. The lot is irregular. The zoning is M1-3 which allows for up to 5 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $787,000.

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 not received any significant violations in the last year.

Development

On the lot, there is one active major alteration construction project, B01006778, for a 20,047 square-foot battery energy storage system. The project was submitted by Joseph Busch with plans filed September 16, 2024 and permitted July 30, 2025.

The neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.6 times the average sales volume among other neighborhoods with $503.4 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, East Flatbush has 1.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There were 39 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 one of the 22 commercial properties representing zero square feet of the 303,255 square feet. The identified owner is Lirr.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 303,255 square feet of built space are industrial buildings, with specialty buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Convergent Energy And Power owned at least two commercial properties in New York City with 300 square feet and a city-determined market value of $2.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are specialty properties. They are all located in Bronx.

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