Jacob Ganzfried signs $13M construction loan for 37-unit project in Sheepshead Bay

Jacob Ganzfried through the entity 2183-2187 Ocean LLC as borrower signed a new construction loan with lender Popular Bank valued at $13 million for a 37-unit development at 2183-2187 Ocean Avenue in Sheepshead Bay, Brooklyn.
On these lots, there is one active new building construction project, B01008423, for a 37-unit, 24,943 square-foot residential (R-2) building. The project was submitted by Jacob Ganzfried with plans filed February 28, 2024 and permitted November 6, 2024.
The deal closed on January 15, 2025 and was recorded on February 28, 2025. The prior lender was Meir Horowitz who held debt that had an original loan amount of $1.8 million.The two properties have 7,680 square feet of built space and 18,711 square feet of additional air rights for a total buildable of 26,400 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,692 and the price per buildable square foot is $492 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 Jacob Ganzfried was Jacob Ganzfried. The signatory for Popular Bank was Gary Hoffson .

The property

The parcel has frontage of 30 feet and is 110 feet deep with a total lot size of 3,300 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $530,000.

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 not received any significant violations in the last year.

The neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.5 times the average sales volume among other neighborhoods with $411.8 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 831,703 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 2187 Ocean Avenue, PincusCo has identified the owners of four of the 15 commercial properties representing 149,092 square feet of the 227,877 square feet. The largest owner is Steven Frey, followed by Rosario Dimaggio and then Gabal Management Co..
On the tax block, there was one new building construction project filed totaling 24,943 square feet. It is a 37-unit, 24,943 square-foot residential (R-2) building submitted by Jacob Ganzfried and filed by Jacob Ganzfried with plans filed February 28, 2024 and permitted November 6, 2024.

The majority, or 77 percent of the 227,877 square feet of built space are elevator buildings, with walkup buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Ganzfried owned at least one commercial property with one residential unit in New York City with 4,280 square feet and a city-determined market value of $530,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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