Harry Einhorn signs $25M refi with Be Aviv for 188-unit dev site in Park Slope

Harry Einhorn through the entity 85 4th Avenue LLC as borrower signed a refi land loan with lender Be Aviv through the entity Badf 4th Ave Brooklyn Lender LLC valued at $25 million for the 188-unit development project at 85 4th Avenue in Park Slope, Brooklyn.

On these lots, there is one active new building construction project, 322002818, for a 188-unit, 12-story, 132,806-square-foot residential (R-2) building. The project was submitted by Harry Einhorn and filed by Harry Einhorn with plans filed October 29, 2019 and permitted September 25, 2024.

The deal closed on September 27, 2024 and was recorded on October 15, 2024. The prior lender was Axos Bank which held debt that had an original loan amount of $23 million.
The signatory for Harry Einhorn was Harry Einhorn. The signatory for Be Aviv was Ben Harlev.

The property

The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.2 million. The most recent loan totaled $23 million and was provided by Axos Bank on September 23, 2022. The property has 7 rent regulated units according to city tax records from 2023.

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 six DOB violations, $66,080 in ECB penalties, and $66,730 in OATH penalties in the last year.

The block

On the tax block of 79 4th Avenue, PincusCo has identified the owners of 10 of the 18 commercial properties representing 49,773 square feet of the 85,229 square feet. The largest owner is Harry Einhorn, followed by Conway Capital and then Greenbrook Partners.
On the tax block, there was one new building construction project submitted by Harry Einhorn with plans filed October 29, 2019 and permitted September 25, 2024.

The majority, or 72 percent of the 85,229 square feet of built space are mixed-use buildings, with walkup buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Harry Einhorn owned at least 21 commercial properties with 364 residential units in New York City with 241,459 square feet and a city-determined market value of $49.1 million. (Market value is typically about 50% of actual value.) The portfolio has $354.3 million in debt, with top three lenders as Popular Bank, Bank Hapoalim, and Citibank respectively. Within the portfolio, the bulk, or 52 percent of the 241,459 square feet of built space are elevator properties, with specialty properties next occupying 19 percent of the space. They are all located in Brooklyn.

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