Elie Fouerti signs $74.8M refi for new 189-unit building in Coney Island

Elie Fouerti through the entity 2971 Shell Road Qoz LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank Usa valued at $74.8 million for the 189-unit residential elevator building (D1) at 2971 Shell Road in Coney Island, Brooklyn.
On the lot, there was a new building construction project, B00646589, for a 189-unit R-2 building. The project was submitted by Elie Fouerti and filed by Elie Fouerti with plans filed December 22, 2021 and permitted June 10, 2022.

The deal closed on February 24, 2025 and was recorded on February 26, 2025. The prior lender was Popular Bank which held debt that had an original loan amount of $74.8 million.The property has 220,730 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $338 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 signatory for Goldman Sachs was Michael T. Seeley.

The property

The residential elevator building with 189 residential units in Coney Island has 220,730 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 288 feet and is 284 feet deep with a total lot size of 71,594 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 $6.1 million. The most recent loan totaled $74.8 million and was provided by Popular Bank on September 30, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $3,300 in ECB penalties, and $4,570 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 220,730 square feet of the 220,730 square feet. The identified owner is Elie Fouerti.
On the tax block, there were two new building construction projects totaling 204,406 square feet. The largest is a 189-unit, 204,406 square-foot residential (R-2) building submitted by Elie Fouerti with plans filed September 19, 2022 and permitted March 28, 2023. The second largest is a 191-unit residential (R-2) building submitted by Elie Fouerti and filed by Elie Fouerti with plans filed December 22, 2021 and permitted April 26, 2022.

The majority, or 100 percent of the 220,730 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Elie Fouerti owned at least 10 commercial properties with 456 residential units in New York City with 63,604 square feet and a city-determined market value of $17.7 million. (Market value is typically about 50% of actual value.) The portfolio has $177.2 million in debt, borrowed from Goldman Sachs and Popular Bank. Within the portfolio, the bulk, or 36 percent of the 63,604 square feet of built space are D3 properties, with walkup properties next occupying 31 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Manhattan next at 44 percent of the space.

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