Joseph Brunner signs $53M refi with Basis Investment for 2 rentals in Bedford Stuyvesant

Joseph Brunner through the entity 1428 Fulton St LLC as borrower signed a refi loan with lender Basis Investment Group through the entity Big Real Estate Investments III, LLC valued at $53 million for two residential elevator properties with 152 residential units including the 132-unit residential elevator building (D7) at 1428 Fulton Street in Bedford Stuyvesant, Brooklyn and 20-unit residential elevator building (D1) at 343 Ralph Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on October 20, 2025 and was recorded on October 22, 2025. The prior lender was Shelter Growth Capital Partners which held debt that had an original loan amount of $53 million.

The two properties have 150,096 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $353 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 Joseph Brunner was Joseph Brunner. The signatory for Basis Investment Group was Richard Cadigan .

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 1428 Fulton Street.

Prior sales and revenue

The two properties with a total of 150,096 square feet of built space generated revenue of $5.4 million per year or $36 per square foot.

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 $250 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there was a new building construction project, 320911340, for a 20-unit, 18,950 square-foot R-2 building. The project was submitted by Solomon Feder with plans filed March 7, 2018 and permitted April 5, 2019.

The block

On the tax block of 1428 Fulton Street, PincusCo has identified the owners of 12 of the 33 commercial properties representing 195,453 square feet of the 321,653 square feet. The largest owner is Solomon Feder, followed by Hersh Feketa and then Mann Group.
On the tax block, there were two new building construction projects totaling 13,270 square feet. The largest is a 10-unit, 8,141 square-foot residential (R-2) building submitted by Joseph Atarien with plans filed July 7, 2016 and permitted September 3, 2019. The second largest is a eight-unit, 5,129 square-foot residential (R-2) building submitted by Muhammed Ali with plans filed August 18, 2017 and it has not been permitted yet.

The majority, or 46 percent of the 321,653 square feet of built space are elevator buildings, with mixed-use buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Joseph Brunner owned at least six commercial properties with 38 residential units in New York City with 41,075 square feet and a city-determined market value of $10.5 million. (Market value is typically about 50% of actual value.) The portfolio has $111.2 million in debt, with top three lenders as Starwood Mortgage Capital, Parke Bank, and Bank Leumi respectively. Within the portfolio, the bulk, or 37 percent of the 41,075 square feet of built space are walkup properties, with hotel properties next occupying 30 percent of the space. The bulk, or 70 percent of the built space, is in Brooklyn, with Manhattan next at 30 percent of the space.

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