Israel Mark Weiss signs $5.8M construction loan for development in South Slope

Israel Mark Weiss through the entity Townhouse 308 LLC as borrower signed a new construction loan with lender Preferred Bank through the entity Preferred Bank valued at $5.8 million for the development building (V0) at 308 14th Street in South Slope, Brooklyn.
The deal closed on May 3, 2023 and was recorded on May 10, 2023.
There is a 10-unit, 14,181 square-foot residential (R-2) building submitted by Nechemia Weinberger with plans filed December 20, 2021 and permitted May 5, 2022.

The signatory for Israel Mark Weiss was Israel Mark Weiss.

The property

The parcel has frontage of 22 feet and is 140 feet deep with a total lot size of 6,879 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 $707,000.

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 one DOB violation in the last year.

The neighborhood

In South Slope, The bulk, or 47 percent of the 4.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, South Slope has near average sales volume among other neighborhoods with $377.6 million in sales volume in the last two years and is the 20th highest in Brooklyn. For development, South Slope has had very little major development activity relative to other neighborhoods.It had 253,048 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 21 commercial properties representing 80,162 square feet of the 132,253 square feet. The largest owner is Townhouse 308 Llc, followed by Mee Jung Kim and then Harry Einhorn.
On the tax block, there were four new building construction projects totaling 34,101 square feet. The largest is a 10-unit, 14,181 square-foot residential (R-2) building submitted by Nechemia Weinberger with plans filed December 20, 2021 and permitted May 5, 2022.

The majority, or 37 percent of the 132,253 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

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