Gotham Organization signs $259.7M construction loan for 460-unit rental in East New York

Gotham Organization in partnership with Christian Cultural Center through the entity IUV Phase 1B Housing Development Fund as borrower signed a new construction loan with lender NYC Housing Development Corporation through the entity New York City Housing Development Corporation valued at $259.7 million for the development building (V1) at 35 Inspiration Lane in East New York, Brooklyn.

On the lot, there is one active new building construction project, B00851732, for a 460-unit, 470,902 square-foot residential (R-2) building. The project was submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and permitted December 12, 2024.
The deal closed on March 21, 2025 and was recorded on March 27, 2025.
The signatory for Gotham Organization and Christian Cultural Center was David L. Picket and Alfonso R. Bernard.

The property

The parcel has frontage of 246 feet and is 369 feet deep with a total lot size of 90,778 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $7.2 million.

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 not received any significant violations in the last year.

The neighborhood

In East New York, The bulk, or 40 percent of the 44.6 million square feet of commercial built space are elevator buildings, with industrial buildings next occupying 21 percent of the space. In sales, East New York has 1.4 times the average sales volume among other neighborhoods with $382.2 million in sales volume in the last two years and is the 19th highest in Brooklyn. For development, East New York is the 9th most active neighborhood among other neighborhoods. It had 4.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the four commercial properties representing zero square feet of the 208,624 square feet. The two identified owners are Gotham Organization and Monadnock Development.
On the tax block, there were two new building construction projects totaling 909,085 square feet. The largest is a 460-unit, 470,902 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and permitted December 12, 2024. The second largest is a 386-unit, 438,183 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 14, 2023 and permitted April 10, 2024.

The majority, or 100 percent of the 208,624 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 Gotham Organization owned at least eight commercial properties with 2,653 residential units in New York City with 1,653,507 square feet and a city-determined market value of $101 million. (Market value is typically about 50% of actual value.) The portfolio has $662.9 million in debt, borrowed from Wells Fargo. Within the portfolio, the bulk, or 64 percent of the 1,653,507 square feet of built space are D6 properties, with elevator properties next occupying 28 percent of the space. The bulk, or 64 percent of the built space, is in Queens, with Manhattan next at 36 percent of the space.
The PincusCo database currently indicates that Christian Cultural Center owned at least two commercial properties with 573 residential units in New York City with 0.0 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio has $12.8 million in debt, borrowed from AdelFi Credit Union. Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are development properties, with specialty properties next occupying 0 percent of the space.

Direct link to Acris document. link