Jacob Landau, Pinches Abowitz sign $52M construction loan for 212-unit project in Bedford Stuyvesant

Jacob Landau and Pinches Abowitz through the entity 1832 Fulton Street LLC as borrower signed a construction loan with lender Popular Bank  valued at $52 million for the 212-unit project at 1832 Fulton Street in Bedford Stuyvesant, Brooklyn.

On the lot, there is one active new building construction project, B00696392, for a 212-unit, 141,437 square-foot R-2 building. The project was submitted by TOT Developers with plans filed March 29, 2022 and permitted August 6, 2025.
The deal closed on August 12, 2025 and was recorded on August 25, 2025.
The signatory for Jacob Landau and Pinches Abowitz was Jacob Landau and Pinches Abowitz.

The property

The parcel has frontage of 180 feet and is 100 feet deep with a total lot size of 18,010 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 million. The most recent loan totaled $11 million and was provided by Webster Bank on November 3, 2022.

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 $7,500 in ECB penalties in the last year.

Development

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 9th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 1.7 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 16 of the 21 commercial properties representing 282,616 square feet of the 304,456 square feet. The two identified owners are Providence Care and Aviv Ben-Avi.
On the tax block, there were two new building construction projects totaling 222,728 square feet. The largest is a 212-unit, 141,437 square-foot residential (R-2) building submitted by TOT Developers and filed by Dov/Jacob Strohli/Landau with plans filed March 29, 2022 and permitted August 6, 2025. The second largest is a 118-unit, 81,291 square-foot residential (R-2) building submitted by TOT Developers and filed by Dov/Jacob Strohli/Landau with plans filed March 29, 2022 and permitted May 31, 2022.

The majority, or 92 percent of the 304,456 square feet of built space are specialty buildings, with mixed-use buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Pinches Abowitz owned at least 14 commercial properties with 197 residential units in New York City with 45,897 square feet and a city-determined market value of $9.2 million. (Market value is typically about 50% of actual value.) The portfolio has $94.5 million in debt, with top three lenders as S3 Capital, Popular Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 35 percent of the 45,897 square feet of built space are retail properties, with mixed-use properties next occupying 28 percent of the space. The bulk, or 68 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.
The PincusCo database currently indicates that Jacob Landau owned at least five commercial properties with 173 residential units in New York City with 102,834 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio has $27.2 million in debt, borrowed from Popular Bank and Starwood Mortgage Capital. Within the portfolio, the bulk, or 44 percent of the 102,834 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Manhattan next at 35 percent of the space.

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