David Weisz signs $16M construction loan with Republic First Bank for 44-unit development in Borough Park

David Weisz through the entity Suw 4 LLC as borrower signed a new construction loan with lender Republic Bank valued at $16 million for the development (V0) at 5914 Bay Parkway in Borough Park, Brooklyn.

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 58,824 square feet. The largest is a new building project for a 44-unit, 45,334 square-foot R-2 building developed by David Weisz with plans filed May 26, 2021 and it has not been permitted yet.

The deal closed on February 2, 2023 and was recorded on February 13, 2023.
The signatory for David Weisz was David Weisz. The signatory for Republic Bank was Jeffrey S. Wall.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The neighborhood

In Borough Park, the bulk, or 24 percent of the 23.1 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 near average sales volume among other neighborhoods with $362.5 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. 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.

The block

On the tax block, there were three new building construction projects totaling 72,314 square feet. The largest is a 44-unit, 45,334-square-foot R-2 building developed by David Weisz with plans filed May 26, 2021 and permitted March 22, 2022.

The borrower

The PincusCo database currently indicates that David Weisz owned at least one commercial property in New York City with 18,267 square feet and a city-determined market value of $4.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Manhattan.

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