Goose Property signs $93.7M construction loan for 3-building dev site in Boerum Hill

Yitzchok Katz’s Goose Property Management through the entity 372 Livingston LLC as borrower signed a construction loan with lender Affinius Capital through the entity ACM Tactical Finance IV-A LLC valued at $93.7 million for a three-building developments site at 362 Livingston Street, 370 Livingston Street and 372 Livingston Street in Boerum Hill, Brooklyn. The projects have a total of 269 residential units.

Yitzchok Katz’s Goose Property Management submitted a new building construction project for a 77-unit, 92,849 square-foot residential (R-2) building at 362 Livingston Street in Boerum Hill, Brooklyn. The plan was filed with the New York City Department of Buildings on November 4, 2024 under job number B01127732. It calls for the construction of a 22-story building. The plans were laid out by engineer Naresh K. Mahangu.
The building plans are B01127732, for a 77-unit, 92,849 square-foot residential (R-2) building at 362 Livingston Street filed on November 4, 2024 under job number; number B00781447, filed on September 28, 2022 for construction of 186,076-square-foot, 15-story, 75-unit residential building at 372 Livingstone Street, and B00814498, filed January 26, 2023, for the construction of 104,456-square-f00t, 22-story 105-unit residential building at 370 Livingston Street.

The signatory for Goose Property Management was Yitzchok Katz. The signatory for Affinius Capital was Geoffrey Butler.

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, $2,400 in ECB penalties, 13 housing violations, and $2,600 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 383,381 square feet. The largest, B00781447, is a new building project for a 75-unit, 186,076 square-foot R-2 building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed September 28, 2022 and it has not been permitted yet. The second largest, B00814498, is a new building project for a 105-unit, 104,456 square-foot R-2 building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed January 26, 2023 and it has not been permitted yet.

The block

On the tax block of 358-376 Livingston Street, PincusCo has identified the owners of seven of the 11 commercial properties representing 729,028 square feet of the 734,348 square feet. The largest owner is Steiner Nyc, followed by Yitzchok Katz and then Monarch Realty Holdings.
On the tax block, there were three new building construction projects totaling 383,381 square feet. The largest is a 75-unit, 186,076 square-foot residential (R-2) building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed September 28, 2022 and it has not been permitted yet. The second largest is a 105-unit, 104,456 square-foot residential (R-2) building submitted by Yitzchok Katz and filed by Yitzchok Katz with plans filed January 26, 2023 and it has not been permitted yet.

The majority, or 90 percent of the 734,348 square feet of built space are elevator buildings, with walkup buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Goose Property Management owned at least eight commercial properties with 322 residential units in New York City with 129,127 square feet and a city-determined market value of $19 million. (Market value is typically about 50% of actual value.) The portfolio has $165.3 million in debt, with top three lenders as H.I.G. Capital, Affinius Capital, and S3 Capital respectively. Within the portfolio, the bulk, or 54 percent of the 129,127 square feet of built space are industrial properties, with office properties next occupying 40 percent of the space. They are all located in Brooklyn.

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