Jacob Rosenberg signs $27.5M construction loan for 95-unit project in East Flatbush

Jacob Rosenberg through the entity 406 Remsen Partners LLC as borrower signed a new construction loan with lender Popular Bank valued at $27.5 million for the 95-unit development parcel (V0) at 406 Remsen Avenue in East Flatbush, Brooklyn.
Simultaneously with the loan, Rosenberg bought the parcel for $2 million from Amit Itshaik.
On the lot, there is one active new building construction project, 340751813, for a 95-unit, 86,064 square-foot R-2 building. The project was submitted by Samnon Associates and filed by Amit Itshaik under the name Amit Tank, with plans filed August 3, 2020 and permitted February 22, 2023.
The deal closed on December 31, 2024 and was recorded on January 13, 2025. The prior lender was Golden Bridge Funding which held debt that had an original loan amount of $20 million. The property has 8,640 square feet of built space and 42,437 square feet of additional air rights for a total buildable of 42,437 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,182 and the price per buildable square foot is $648 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 Rosenberg was Jacob Rosenberg. The signatory for Popular Bank was Gary Hoffson.

406 Remsen ZD1 pdf

Prior sales and revenue

The 8,640-square-foot property generated revenue of $105,926 or $12 per square foot, according to the most recent income and expense figures.

The property

The development building in East Flatbush has 8,640 square feet of built space and 42,437 square feet of additional air rights for a total buildable of 42,437 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 120 feet deep with a total lot size of 17,464 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $734,000. The most recent loan totaled $20 million and was provided by Golden Bridge Funding on June 30, 2021.

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, $12,500 in ECB penalties, and $12,750 in OATH penalties in the last year.

The neighborhood

In East Flatbush, The bulk, or 32 percent of the 42.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 24 percent of the space. In sales, East Flatbush has 1.5 times the average sales volume among other neighborhoods with $393.6 million in sales volume in the last two years and is the 16th highest in Brooklyn. For development, East Flatbush has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owner of the one commercial property that spans that spans 8,640 square feet on the block.The identified owner is Amit Itshaik.
On the tax block, there was one new building construction project filed totaling 86,064 square feet. It is a 95-unit, 86,064 square-foot residential (R-2) building submitted by Samnon Associates and filed by Amit Tank with plans filed August 3, 2020 and permitted February 22, 2023.

All properties are development.

The borrower

The PincusCo database currently indicates that Jacob Rosenberg owned at least five commercial properties with 131 residential units in New York City with 37,619 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) The portfolio has $50.8 million in debt, with top three lenders as Citibank, Popular Bank, and CLDDJ Investors Group respectively. Within the portfolio, the bulk, or 67 percent of the 37,619 square feet of built space are walkup properties, with elevator properties next occupying 12 percent of the space. They are all located in Brooklyn.

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