Diamond Dev Group signs $8M refi with FourLeaf Federal for 3 walkups in Brownsville

Diamond Dev Group and through the entity Rockaway Dev LLC as borrower signed a refi loan with lender FourLeaf Federal Credit Union valued at $8 million for three residential walkup properties with 28 residential units including the nine-unit residential walkup building (C1) at 258, 260 and 262 Rockaway Avenue in Brownsville, Brooklyn.
The deal closed on September 5, 2025 and was recorded on September 11, 2025. The prior lender was First Central Savings Bank which held debt that had an original loan amount of $7 million.The three properties have 26,282 square feet of built space and 2,227 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $304 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 Diamond Dev Group and was Richard Zavlyanov . The signatory for FourLeaf Federal Credit Union was Julian Cokro .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 262 Rockaway Avenue.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Richard Zavlyanov, head officer and Lev Zavlyanov, officer. The business entity is Rockaway Dev Llc. The three properties with a total of 26,282 square feet of built space generated revenue of $796,476 per year or $30 per square foot.

The property

The residential walkup building with 11 residential units in MANHATTAN has 26,282 square feet of built space and 2,227 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 102 feet deep with a total lot size of 2,503 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.1 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 received $280 in OATH penalties in the last year.

Development

On these lots, there are three active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 16,061 square feet. The largest, B00604652, is a new building project for a eight-unit, 5,404 square-foot R-2 building submitted by Richard Zavlyanov and filed by Richard Zavlyanov with plans filed October 14, 2021 and permitted August 29, 2022. The second largest, B00611918, is a new building project for a eight-unit, 5,404 square-foot R-2 building submitted by Richard Zavlyanov with plans filed October 14, 2021 and permitted August 29, 2022.

The block

On the tax block of 262 Rockaway Avenue, PincusCo has identified the owners of three of the five commercial properties representing 188,134 square feet of the 194,434 square feet. The two identified owners are Nyc Department Of Education and Richard Zavlyanov.
On the tax block, there were three new building construction projects totaling 16,061 square feet. The largest is a eight-unit, 5,404 square-foot residential (R-2) building submitted by Richard Zavlyanov and filed by Richard Zavlyanov with plans filed October 14, 2021 and permitted August 29, 2022. The second largest is a eight-unit, 5,404 square-foot residential (R-2) building submitted by Richard Zavlyanov with plans filed October 14, 2021 and permitted August 29, 2022.

The majority, or 91 percent of the 194,434 square feet of built space are specialty buildings, with walkup buildings next occupying 9 percent of the space.

The borrower

The PincusCo database currently indicates that owned at least one commercial property with eight residential units in New York City with 5,600 square feet and a city-determined market value of $928,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Queens.

Direct link to Acris document. link