Jacob Rosenberg signs $20.8M construction loan for two projects in Cypress Hills
Jacob Rosenberg through the entity YC Atlantic 2 LLC as borrower signed a new construction loan with lender Popular Bank valued at $20.8 million for two properties with 43 residential units including the 41-unit residential elevator building (D7) at 2767 Atlantic Avenue in Cypress Hills, Brooklyn and two-unit development building (V1) at 2777 Atlantic Avenue in Cypress Hills, Brooklyn.
Michael Rosenberg of Urbane Management Team, on November 4, 2021, filed a permit application for construction of a 63-unit, 36,923-square-foot mixed-use building at 2777 Atlantic Avenue and a 41-unit, 28,080-square-foot mixed-use building at 2767 Atlantic Avenue in Cypress Hills, Brooklyn. The larger was permitted on March 24, 2022, and the smaller on March 4, 2022.
The financing deal closed on May 12, 2023 and was recorded on May 31, 2023. The prior lender was Levon Capital which held debt that had an original loan amount of $4 million.
The signatory for Jacob Rosenberg was Jacob Rosenberg. The signatory for Popular Bank was Gary Hoffson.
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 2777 Atlantic Avenue.
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 received two DOB violations, $48,810 in ECB penalties, and $49,695 in OATH penalties in the last year.
The neighborhood
In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $100.2 million in sales volume in the last two years. For development, Cypress Hills has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 986,528 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 the tax block of 2777 Atlantic Avenue, PincusCo has identified the owners of five of the 24 commercial properties representing 17,660 square feet of the 108,299 square feet. The largest owner is Yc Atlantic 2 Llc, followed by Jay Gold and then Evelyn Rosenberg.
The majority, or 35 percent of the 108,299 square feet of built space are walkup buildings, with mixed-use buildings next occupying 31 percent of the space.
The borrower
The PincusCo database currently indicates that Jacob Rosenberg owned at least three commercial properties with 27 residential units in New York City with 29,279 square feet and a city-determined market value of $4.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 86 percent of the 29,279 square feet of built space are walkup properties, with B1 properties next occupying 14 percent of the space. They are all located in Brooklyn.
Direct link to Acris document. link