Investmates signs $68.8M construction loan with S3 Capital for 68-unit project in Greenpoint

Investmates through the entity Clay Properties LLC as borrower signed a construction loan with lender S3 Capital through the entity S3 Re 19 Clay St Funding LLC valued at $68.8 million for the 68-unit project at 29 Clay Street in Greenpoint, Brooklyn.

On the lot, there is one active new building construction project, B01280400, for a 68-unit, 87,279 square-foot residential (R-2) building. The project was submitted by Investmates and filed by Idan Shitrit with plans filed September 17, 2025 and it has not been permitted yet.
The deal closed on October 29, 2025 and was recorded on November 14, 2025. The loan price per project square foot is $789 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 owner bought the property on June 16, 2022, for $15.1 million. The signatory for Investmates was Jakov Telyas . The signatory for S3 Capital was Joshua Crane .

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 $50,840 in OATH penalties in the last year.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has 3.1 times the average sales volume among other neighborhoods with $914.9 million in sales volume in the last two years and is the 3rd highest in Brooklyn. For development, Greenpoint has 1.9 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 236,308 square feet of the 289,758 square feet. The largest owner is Jeffrey Hiller, followed by Jacob Kohn and then John Imperatore.
On the tax block, there were four new building construction projects totaling 128,784 square feet. The largest is a 68-unit, 87,279 square-foot residential (R-2) building submitted by Investmates and filed by Idan Shitrit with plans filed September 17, 2025 and it has not been permitted yet. The second largest is a 27-unit, 22,974 square-foot residential (R-2) building submitted by Nicholas Manetta with plans filed December 20, 2018 and it has not been permitted yet.

The majority, or 86 percent of the 289,758 square feet of built space are elevator buildings, with industrial buildings next occupying 12 percent of the space.

The borrower

The PincusCo database currently indicates that Investmates owned at least two commercial properties with seven residential units in New York City with 10,014 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 57 percent of the 10,014 square feet of built space are walkup properties, with M1 properties next occupying 43 percent of the space. They are all located in Brooklyn.

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