David Tabak, Borough Developers sign $21M construction loan with Oak Funding for 53-unit project in Fort Greene

UPDATED 11:52 a.m., June 22, 2026: David Tabak and Borough Developers through the entity Four Ninety One F LLC as borrower signed a new construction loan with lender Oak Funding through the entity Oak Fulton LLC valued at $21 million for the three-parcel development site at 673 Fulton Street in Fort Greene, Brooklyn.

An earlier version of this post incorrectly identified the lender.

On these lots, there is one active new building construction project, B01331189, for a 53-unit, 38,542 square-foot residential (R-2) building. The project was submitted by Borough Developers and filed by Shimon Kleinman with plans filed December 18, 2025 and it has not been permitted yet.
The deal closed on June 5, 2026 and was recorded on June 18, 2026. The three properties have 20,091 square feet of built space and 51,676 square feet of additional air rights for a total buildable of 71,708 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,045 and the price per buildable square foot is $292 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 David Tabak and Borough Developers was David Tabak using an alternate version of his name, Meir D. Tabak . The fee is owned by Kenneth Corwen and Robert Corwen Jr. Shimon Kleinman of Borough Developers signed as authorized member in a zoning filing.

Prior sales, articles and revenue

Out of the three properties, two with a total of 20,091 square feet of built space generated revenue of $845,591 per year.

The property

The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 million.

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 not received any significant violations in the last year.

The neighborhood

In Fort Greene, The bulk, or 34 percent of the 12.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Fort Greene has 2.5 times the average sales volume among other neighborhoods with $882.7 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Fort Greene has had very little major development activity relative to other neighborhoods.It had 479,799 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.

The block

On the tax block of 691 Fulton Street, PincusCo has identified the owners of five of the 19 commercial properties representing 63,348 square feet of the 114,781 square feet. The largest owner is Elh Mgmt. , followed by Frederick Wiener and then AbeCo Organization .
On the tax block, there was one new building construction project filed totaling 38,542 square feet. It is the subject property.

The majority, or 56 percent of the 114,781 square feet of built space are walkup buildings, with mixed-use buildings next occupying 40 percent of the space.

The borrower

The PincusCo database currently indicates that David Tabak owned at least 54 commercial properties with 913 residential units in New York City with 763,039 square feet and a PincusCo-determined asset value of $622.6 million. The portfolio has $364.2 million in debt, with top three lenders as Berkshire Residential Investments , Levon Capital, and Popular Bank respectively. Within the portfolio, the bulk, or 45 percent of the 763,039 square feet of built space are walkup properties, with hotel properties next occupying 14 percent of the space. The bulk, or 85 percent of the built space, is in Brooklyn, with Manhattan next at 10 percent of the space.

Correction: A prior version of this article incorrectly identified the owner as OakNorth Bank, but in fact the lender is an affiliate of Oak Funding.

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