Institute for Community Living signs $62.9M construction loan for 103-unit project in Clinton Hill

Institute for Community Living through the entity ICL Emerson Place Housing Development Fund Corp as borrower signed a renovation construction loan with lender NYS Housing Finance Agency and NYC Department of Housing Preservation and Development through the entity Institute For Community Living Inc. valued at $62.9 million for the specialty building (W3) at 161 Emerson Place in Clinton Hill, Brooklyn.
On the lot, there is one active new building construction project, 321592763, for a 81-unit, 70,336 square-foot R-2 building. The project was submitted by Nikant Ohri with plans filed August 13, 2020 and it has not been permitted yet.
The deal closed on June 26, 2025 and was recorded on July 8, 2025. The property has 25,000 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $2,516 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 Institute for Community Living was Joann Rudin .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jody Rudin, head officer and Kevin Patterson, officer. The business entities are Institute For Community Living and Institute For Community Living,Inc.

The property

The specialty building in Clinton Hill has 25,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 52 feet and is 212 feet deep with a total lot size of 10,000 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $8.1 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 received two housing violations and $1,200 in OATH penalties in the last year.

The neighborhood

In Clinton Hill, The bulk, or 34 percent of the 10.8 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Clinton Hill has 1.3 times the average sales volume among other neighborhoods with $344.9 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, Clinton Hill has had very little major development activity relative to other neighborhoods.It had 223,371 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 15 commercial properties representing 14,904 square feet of the 171,787 square feet. The largest owner is Joel Weiss, followed by Anthony Cerullo and then Namdar Realty Group.
On the tax block, there were four new building construction projects totaling 260,243 square feet. The largest is a 142-unit, 119,307 square-foot residential (R-2) building submitted by Quinlan Development Group and filed by Gerald Keucher with plans filed September 30, 2016 and permitted July 20, 2021. The second largest is a 81-unit, 70,336 square-foot residential (R-2) building submitted by Nikant Ohri with plans filed August 13, 2020 and it has not been permitted yet.

The majority, or 38 percent of the 171,787 square feet of built space are hotel buildings, with walkup buildings next occupying 36 percent of the space.

The borrower

The PincusCo database currently indicates that Institute For Community Living owned at least four commercial properties with 199 residential units in New York City with 34,712 square feet and a city-determined market value of $8.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 59 percent of the 34,712 square feet of built space are N9 properties, with walkup properties next occupying 36 percent of the space. They are all located in Brooklyn.

Direct link to Acris document. link