Fangs sign $8.2M refi with Preferred Bank for three mixed-use properties in Brooklyn

Lina Fang and Harry Fang through the entity 353 Flatbush Avenue Associates as borrower signed a refi loan with lender Preferred Bank valued at $8.2 million for three mixed-use properties with 11 residential units including the four-unit mixed-use building (S4) at 242 Flatbush Avenue in Park Slope, Brooklyn, five-unit mixed-use building (S5) at 353 Flatbush Avenue in Prospect Heights, Brooklyn, and two-unit mixed-use building (S2) at 80 6th Avenue in Park Slope, Brooklyn.
The deal closed on March 31, 2025 and was recorded on April 29, 2025. The prior lender was Citizens Bank which held debt that had an original loan amount of $8.7 million.The three properties have 16,426 square feet of built space and 18,450 square feet of additional air rights for a total buildable of 34,860 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $496 and the price per buildable square foot is $234 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 Lina Fang was Lina Fang. The signatory for Preferred Bank was Nick Wang .
The loan broker was Blyakher Real Estate’s Isaac Blyakher.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Harry Fang, head officer and Lina Fang, officer. The business entities are 353 Flatbush Ave Associates Llc and 353 Flatbush Avenue Associates. Out of the three properties, one with a total of 16,426 square feet of built space generated revenue of $222,698 per year.

The property

The mixed-use building with 5 residential units in Prospect Heights has 16,426 square feet of built space and 18,450 square feet of additional air rights for a total buildable of 34,860 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 65 feet deep with a total lot size of 1,750 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million. The most recent loan totaled $8.7 million and was provided by Gold Coast Bank on December 19, 2019.

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 $1,100 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Prospect Heights, The bulk, or 49 percent of the 7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Prospect Heights has had very little sales volume relative to other neighborhoods with $201.5 million in sales volume in the last two years. For development, Prospect Heights has had very little major development activity relative to other neighborhoods.It had 724,800 square feet of commercial and multi-family construction under development in the last two years, which represents 10 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 353 Flatbush Avenue, PincusCo has identified the owners of 11 of the 21 commercial properties representing 190,665 square feet of the 235,863 square feet. The largest owner is David M. Akselrad, followed by Chaskel Landau and then Stuart J. Venner.
On the tax block, there were two new building construction projects totaling 15,607 square feet. The largest is a six-unit, 15,488 square-foot residential (R-2) building submitted by Moshe Katlowitz with plans filed October 23, 2018 and it has not been permitted yet. The second largest is a one-unit, 119 square-foot 75 building submitted by Craig Butler with plans filed June 17, 2024 and it has not been permitted yet.

The majority, or 44 percent of the 235,863 square feet of built space are elevator buildings, with mixed-use buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Lina Fang owned at least three commercial properties with 11 residential units in New York City with 16,426 square feet and a city-determined market value of $7.1 million. (Market value is typically about 50% of actual value.) The portfolio has $8.7 million in debt, borrowed from Gold Coast Bank. Within the portfolio, all identified are mixed-use properties. They are all located in Brooklyn.

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