David Tabak, Borough Developers sign $23.5M loan for 99-unit Williamsburg project

David Tabak and Borough Developers through the entity One Fifty Nine B LLC as borrower signed a new construction loan with lender Valley National Bank valued at $23.5 million for a 99-unit development site at 159 Broadway in Williamsburg, Brooklyn.

On this site, there is a new building project, B01327363, for a 99-unit, 97,166 square-foot residential (R-2) building submitted by Borough Developers and filed by Mendel Berkowitz with plans filed December 11, 2025 and it has not been permitted yet.

David Tabak as ground tenant signed a lease valued at $3.1 million with fee owner Joyland Management in January 2026.

The loan closed on May 5, 2026 and was recorded on June 8, 2026. The loan price per planned development square foot is $242 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.) This loan price does not take into consideration the $30 million in debt Joyland Management borrowed.
The signatory for David Tabak and Borough Developers was David Tabak .

The building’s ground floor contains seven residential units, with floors two through six each housing nine units. Floors seven through eleven accommodate eight units per level, while the twelfth floor returns to seven units. The sub-cellar includes a lounge, gymnasium, and exercise facilities totaling approximately 3,163 square feet, plus 50 bicycle parking spaces. The cellar features 1,904 square feet of retail space. Rooftop amenities include 3,639 square feet of outdoor recreation space.

159 Broadway

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 $5,750 in ECB penalties and $1,000 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 189,899 square feet. The largest, B01327363, is a new building project for a 99-unit, 97,166 square-foot R-2 building submitted by Borough Developers and filed by Mendel Berkowitz with plans filed December 11, 2025 and it has not been permitted yet. The second largest, 320911233, is a new building project for a 256-unit, 92,733 square-foot R-1 building submitted by Cornell Realty Management and filed by Isaac Hager with plans filed February 21, 2018 and permitted January 14, 2020.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2.2 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On the tax block of 159 Broadway, PincusCo has identified the owners of four of the nine commercial properties representing 123,641 square feet of the 153,358 square feet. The two identified owners are Joyland Management and Firebird Grove .
On the tax block, there were two new building construction projects totaling 189,899 square feet. The largest is a 99-unit, 97,166 square-foot residential (R-2) building submitted by Borough Developers and filed by Mendel Berkowitz with plans filed December 11, 2025 and it has not been permitted yet. The second largest is a 256-unit, 92,733 square-foot hotel/dormitory/shelter (R-1) building submitted by Cornell Realty Management and filed by Isaac Hager with plans filed February 21, 2018 and permitted January 14, 2020.

The majority, or 73 percent of the 153,358 square feet of built space are hotel buildings, with mixed-use buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that David Tabak owned at least 59 commercial properties with 1,111 residential units in New York City with 766,157 square feet and a PincusCo-determined asset value of $692.3 million. The portfolio has $389.2 million in debt, with top three lenders as Berkshire Residential Investments , Popular Bank, and QuadReal Property Group respectively. Within the portfolio, the bulk, or 45 percent of the 766,157 square feet of built space are walkup properties, with D1 properties next occupying 14 percent of the space. The bulk, or 86 percent of the built space, is in Brooklyn, with Manhattan next at 10 percent of the space.
The PincusCo database currently indicates that Borough Developers owned at least 59 commercial properties with 1,111 residential units in New York City with 766,157 square feet and a PincusCo-determined asset value of $692.3 million. The portfolio has $67.5 million in debt, with top three lenders as S3 Capital , Strong Entities , and Broadview Capital respectively. Within the portfolio, the bulk, or 45 percent of the 766,157 square feet of built space are walkup properties, with D1 properties next occupying 14 percent of the space. The bulk, or 86 percent of the built space, is in Brooklyn, with Manhattan next at 10 percent of the space.

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