Goose Property signs $166M construction loan with Slate for four projects in Boerum Hill

Goose Property Management through the entity Bergen St Equity LLC as borrower signed a new construction loan with lender Slate Property Group through the entity Scale 280 Bergen Lender LLC valued at $166 million for three three tax lots that have four new building plans with 367 units.
The properties are the 99-unit 264 Bergen Street, 70-unit 265 Wyckoff Street, the 99-unit 282 Bergen Street and the 99-unit 290 Bergen Street.
The deal closed on April 25, 2025 and was recorded on May 2, 2025. The prior lender was H.I.G. Capital which held debt that had an original loan amount of $19.6 million.
The signatory for Goose Property Management was Yitzchok Katz . The signatory for Slate Property Group was Stephen Krasman .

The property

The lot is irregular. 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 $7.8 million. The most recent loan totaled $99.8 million and was provided by H.I.G. Capital on April 1, 2024.

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 three DOB violations, $55,000 in ECB penalties, and $56,580 in OATH penalties in the last year.

The neighborhood

In Boerum Hill, The bulk, or 32 percent of the 9 million square feet of commercial built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Boerum Hill has 2.3 times the average sales volume among other neighborhoods with $615.2 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Boerum Hill has 1.8 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space.

The block

On the tax block of 268 Bergen Street, PincusCo has identified the owners of six of the 14 commercial properties representing 60,407 square feet of the 81,279 square feet. The largest owner is Goose Property Management, followed by Fifth Avenue Committee and then Comjem Associates.
On the tax block, there were four new building construction projects totaling 348,025 square feet. The largest is a 99-unit, 99,066 square-foot residential (R-2) building submitted by Goose Property Management and filed by Yitzchok Katz with plans filed February 24, 2025 and it has not been permitted yet. The second largest is a 99-unit, 97,780 square-foot residential (R-2) building submitted by Goose Property Management and filed by Yitzchok Katz with plans filed February 19, 2025 and it has not been permitted yet.

The majority, or 78 percent of the 81,279 square feet of built space are industrial buildings, with walkup buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Goose Property Management owned at least 10 commercial properties with 344 residential units in New York City with 169,574 square feet and a city-determined market value of $25.8 million. (Market value is typically about 50% of actual value.) The portfolio has $367.5 million in debt, with top three lenders as Affinius Capital, Apollo Global Management, and H.I.G. Capital respectively. Within the portfolio, the bulk, or 41 percent of the 169,574 square feet of built space are industrial properties, with office properties next occupying 30 percent of the space. They are all located in Brooklyn.

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