Joseph Klein signs $8.2M construction loan for 6-unit walkup in Bedford Stuyvesant

Joseph Klein through the entity 735 Dekalb Realty LLC as borrower signed a new construction loan with lender Bank of Princeton  valued at $8.2 million for the six-unit residential walkup building (C2) at 735 Dekalb Avenue in Bedford Stuyvesant, Brooklyn.

On the lot, there is one active major alteration construction project, B01331724, to add three floors to an existing three story building, to create a six-unit, 13,272 square-foot residential (R-2) building. The project was submitted by Joseph Klein with plans filed December 15, 2025 and it has not been permitted yet.
The deal closed on June 2, 2026 and was recorded on June 16, 2026.
The signatory for Joseph Klein was Joseph Klein.

The property

The residential walkup building with 6 residential units in Bedford Stuyvesant has 4,875 square feet of built space and 2,625 square feet of additional air rights for a total buildable of 7,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $927,600.

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, $3,125 in ECB penalties, and $5,815 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 21 of the 33 commercial properties representing 194,125 square feet of the 227,490 square feet. The largest owner is M.Quashem Bhuyain, followed by Impacct Housing Development Fund and then Ari Koth.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 227,490 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Joseph Klein owned at least one commercial property with 25 residential units in New York City with 3,264 square feet and a PincusCo-determined asset value of $11.2 million. The portfolio consists of at least a single C1 property.

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