David Aboodi affiliate buys $4.98M note secured by Sunset Park dev site

David M. Aboodi through an affiliated entity Gamelot FH 2023 LLC bought a note with an original principal of $4.98 million from Alpine Capital Bank secured by William Chou’s nine-unit residential elevator building (D6) at 816 58th Street in Sunset Park, Brooklyn.
On the lot, there is one active new building construction project for a nine-unit, 22,614 square-foot R-2 building. The project was submitted by William Chou with plans filed June 28, 2016 and permitted January 7, 2022.
The deal closed on May 24, 2024 and was recorded on June 21, 2024. The prior lender was Alpine Capital Bank which held debt that had an original loan amount of $4.98 million.
David M. Aboodi was president and CEO of Alpine Capital Bank,  and has been a director.

Alpine Bank did not immediately respond to a request for comment.

He is the manager of the entity that bought the note, according to a residential property transaction in which the same entity, Gamelot FH 2023 LLC,  purchased a residential apartment in Queens [p. 3].

The original loan was $ million , the assignment said. The original loan was an $8.1 million construction loan Alpine Capital Bank gave February 27, 2020, to William Chou, but the total amount paid was the outstanding balance of $4,983,904.97.

This property is subject to a Brooklyn State Supreme Court action, 535939/2023, in which a contractor is seeking payment. A state judge ruled the original borrower William Chu was mentally incapacitated and Ben Chou was named guardian. The court also approved a $9.8 million [p. 17 of contract] contract dated October 25, 2023  in which Sunlight Development would purchase the property in February 2024 but that sale did not finalize as of publication.

The property

The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,010 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 $885,000. The most recent loan totaled $8.1 million and was provided by Alpine Capital Bank on February 27, 2020.

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 $12,500 in ECB penalties and $12,750 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of four of the 23 commercial properties representing 36,520 square feet of the 132,633 square feet. The largest owner is Yong Xiang Li, followed by Koban Properties and then Kit Hong Lai.
On the tax block, there was one new building construction project filed totaling 22,614 square feet. It is a nine-unit, 22,614 square-foot residential (R-2) building submitted by William Chou with plans filed June 28, 2016 and permitted January 7, 2022.

The majority, or 70 percent of the 132,633 square feet of built space are mixed-use buildings, with elevator buildings next occupying 17 percent of the space.

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