Joseph Heimann signs $31.5M refi with three lenders for office in Bed Stuy

Joseph Heimann through the entity BSD Suites LLC as borrower signed a refi package with three lenders, which refinanced a $31.5 million loan Signature Bank originated in March 2021, covering the office building (O5) at 500 DeKalb Avenue in Bedford Stuyvesant, Brooklyn.

Heimann refinanced $24.65 million with lenders Skybrook Capital and Tideway Capital Group and $6.85 million with Joel Fekete’s Able Funding, which is a subordinate loan to the Skybrook and Tideway.
The deals closed on August 29, 2025 and were recorded on September 10, 2025. The property has 56,112 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $561 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 owner bought the property on December 13, 2018, for $23.2 million. The signatory for Joseph Heimann was Joseph Heimann. The signatory for Skybrook Capital and Tideway Capital Group was Simon Yaghoubi and Yitzhak Isaac Fried .

Prior sales and revenue

The 56,112-square-foot property generated revenue of $1.8 million or $33 per square foot, according to the most recent income and expense figures.

The property

The office building in Bedford Stuyvesant has 56,112 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 160 feet and is 79 feet deep with a total lot size of 12,240 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.3 million. Signature Bank on March 15, 2021 bought a loan with an original principal of from signed by Joseph Heimann, secured by 500 Dekalb Avenue, when owned by Joseph Heimann.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $31.5 million commercial foreclosure concerning a loan filed on February 19, 2025, by Blackstone Group against Joseph Heimann. In addition, according to city public data, the property has received $1,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 2, 2023. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 were four pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 14 commercial properties representing 99,511 square feet of the 117,359 square feet. The largest owner is Joseph Heimann, followed by Baruch Rosenfeld and then Nassef S. Astafanous.
On the tax block, there was one new building construction project filed totaling 3,966 square feet. It is a two-unit, 3,966 square-foot residential (R-2) building submitted by Joel Jacobowitz with plans filed March 20, 2023 and permitted August 15, 2023.

The majority, or 48 percent of the 117,359 square feet of built space are office buildings, with elevator buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Joseph Heimann owned at least two commercial properties with 36 residential units in New York City with 84,544 square feet and a city-determined market value of $7.7 million. (Market value is typically about 50% of actual value.) The portfolio has $36.7 million in debt, borrowed from Signature Bank and New York Community Bank. Within the portfolio, the bulk, or 66 percent of the 84,544 square feet of built space are office properties, with walkup properties next occupying 34 percent of the space. The bulk, or 66 percent of the built space, is in Brooklyn, with Queens next at 34 percent of the space.

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