IBEC Building signs $15.4M refi with Citizens Bank for 111-unit rental in Fort Greene

IBEC Building through the entity Clermont Armory L.L.C. as borrower signed a refi loan with lender Citizens Bank valued at $15.4 million for the 111-unit residential elevator building (D7) at 167-179 Clermont Avenue in Fort Greene, Brooklyn.
The deal closed on July 31, 2025 and was recorded on August 12, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $19 million.The property has 149,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $103 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 IBEC Building was Hesky Brahimy .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes John Frezza, head officer and Samy Brahimy, officer. The business entity is Clermont Armory, L.L.C. The 149,000-square-foot property generated revenue of $4.5 million or $30 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 111 residential units in Fort Greene has 149,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 176 feet and is 200 feet deep with a total lot size of 35,200 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $17.8 million. The property has 50 rent regulated units according to city tax records from 2023.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by CLERMONT ARMORY, L.L.C. to create 111 residential units and 2 commercial units in a building at 167-171 Clermont Avenue in Fort Greene, Brooklyn, called Clermont Armory Condominiumthat has a $64.7 million sellout, according to an April 23, 2025 submission to the New York State Attorney General. The principals of the sponsor, CLERMONT ARMORY, L.L.C., were Hesky Brahimy, Samy Brahimy, and John Frezza.

The block

On this tax block, PincusCo has identified the owners of one of the 10 commercial properties representing 27,702 square feet of the 206,434 square feet. The identified owner is Husko Dervievic.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 206,434 square feet of built space are elevator buildings, with mixed-use buildings next occupying 9 percent of the space.

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