Joel Wieder signs $12M construction loan for development in Williamsburg

Joel Wieder through the entity Gw S6 LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Sb Real Estate Credit II Trust valued at $12 million for development at 57 South 6th Street in Williamsburg, Brooklyn.
On the lot, there is one active new building construction project, 321091377, for a 10-unit, 14,705 square-foot R-2 building. The project was submitted by Baruch Guttman with plans filed October 4, 2019 and it has not been permitted yet. It is not clear if this project will be the one developed.
The deal closed on July 3, 2024 and was recorded on August 28, 2024.
The owner bought the property on July 3, 2024, for $5 million. The signatory for Joel Wieder was Joel Wieder.

The property

The office building in Williamsburg has 930 square feet of built space and 7,790 square feet of additional air rights for a total buildable of 8,723 square feet according to a PincusCo analysis of city data. The parcel has frontage of 84 feet and is 40 feet deep with a total lot size of 3,590 square feet. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $417,000.

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 not received any significant violations in the last year.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 5th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Williamsburg is the 10th most active neighborhood among other neighborhoods. It had 4.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On the tax block, there was one new building construction project filed totaling 14,705 square feet. It is a 10-unit, 14,705 square-foot residential (R-2) building submitted by Baruch Guttman with plans filed October 4, 2019 and it has not been permitted yet.

The majority, or 76 percent of the 3,860 square feet of built space are retail buildings, with office buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Wieder owned at least six commercial properties with 86 residential units in New York City with 44,613 square feet and a city-determined market value of $12.1 million. (Market value is typically about 50% of actual value.) The portfolio has $88.2 million in debt, with top three lenders as NorthEast Community Bank, Valley National Bank, and Berkadia Commercial Mortgage respectively. Within the portfolio, the bulk, or 45 percent of the 44,613 square feet of built space are elevator properties, with walkup properties next occupying 41 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Bronx next at 5 percent of the space.

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