Elie Fouerti signs $74.8M construction loan for 191-unit project in Coney Island

Elie Fouerti through the entity 2971 Shell Road Qoz LLC as borrower signed a construction loan with lender Popular Bank valued at $74.8 million for the development building (V0) at 2971 Shell Road in Coney Island, Brooklyn.
The deal closed on September 30, 2022 and was recorded on October 5, 2022. The property has zero square feet of built space and 172,867 square feet of additional air rights for a total buildable of 172,867 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $432 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 owner bought the property on December 2, 2021, for $26.3 million. The signatory for Elie Fouerti was Elie Fouerti.

The property

The 2971 Shell Road parcel has frontage of 288 feet and is 284 feet deep with a total lot size of 71,139 square feet. The lot is irregular. 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 $5.3 million.

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 received $2,500 in ECB penalties and $2,500 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 191-unit R-2 building. The project was developed by Elie Fouerti with plans filed December 22, 2021.

The neighborhood

In Coney Island, the majority, or 68 percent of the 14.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 10 percent of the space. In sales, Coney Island has had very little sales volume relative to other neighborhoods with $104.9 million in sales volume in the last two years. For development, Coney Island has 1.9 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 13 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 151 commercial properties representing zero square feet of the 22,797 square feet. The identified owner is Elie Fouerti.
On the tax block, there were two new building construction projects. The largest is a 191-unit R-2 building filed by Elie Fouerti with plans filed December 22, 2021 and permitted June 10, 2022. The second largest is a 189-unit building filed by Elie Fouerti with plans filed September 19, 2022 and it has not been permitted yet.

The borrower

The PincusCo database currently indicates that Elie Fouerti owned at least four commercial properties in New York City.

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