Joseph Vogel signs $33M refi with JLL for 66-unit rental in Gowanus
Joseph Vogel through the entity Crown 286 4th Avenue LLC as borrower signed a refi loan with lender JLL’s LaSalle Debt Investors through the entity LRECS Holdings IA, L.L.C. valued at $33 million for the 66-unit residential elevator building (D7) at 290 4th Avenue in Gowanus, Brooklyn.
The deal closed on March 28, 2025 and was recorded on April 1, 2025. The prior lender was Cross River Bank which held debt that had an original loan amount of $22.8 million.The property has 58,224 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $566 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 March 30, 2017, for $3 million. The signatory for Joseph Vogel was Joseph Vogel. The signatory for LaSalle Debt Investors was Wallace O. Sellers Jr.. LaSalle Debt Investors is part of LaSalle Investment Management which is an affiliate of JLL.
Prior sales and revenue
The 58,224-square-foot property generated revenue of $2.5 million or $43 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 66 residential units in Gowanus has 58,224 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 97 feet deep with a total lot size of 5,870 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $351,000. The most recent loan totaled $22.8 million and was provided by Cross River Bank on March 13, 2023.
Violations and lawsuits
The property was involved in zero lawsuits and one bankruptcy over the past two years. The bankruptcy was filed on September 2, 2024, by Perl Weisz and David Goldwasser citing assets of $1.6 million. In addition, according to city public data, the property has received one DOB violation, $27,530 in ECB penalties, and $28,130 in OATH penalties in the last year.
Development
On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 63,104 square feet. The largest, B00628878, is a new building project for a 66-unit, 49,165 square-foot R-2 building submitted by Joseph Vogel with plans filed November 15, 2021 and permitted November 2, 2023. The second largest, 321647795, is a major alteration project for a 19,890 square-foot B building submitted by Elliot Moskowitz with plans filed October 3, 2017 and it has not been permitted yet.
The block
On this tax block, PincusCo has identified the owners of eight of the 10 commercial properties representing 50,805 square feet of the 56,997 square feet. The largest owner is Avery Hall Investments, followed by Cw Realty Group and then Anna Belobrovka.
On the tax block, there were four new building construction projects totaling 187,196 square feet. The largest is a 128-unit, 104,140 square-foot residential (R-2) building submitted by Avery Hall and filed by Alexander Cutrona with plans filed December 14, 2021 and permitted June 10, 2022. The second largest is a 66-unit, 49,165 square-foot residential (R-2) building submitted by Joseph Vogel with plans filed November 15, 2021 and permitted May 26, 2022.
The majority, or 95 percent of the 56,997 square feet of built space are industrial buildings, with walkup buildings next occupying 5 percent of the space.
The borrower
The PincusCo database currently indicates that Joseph Vogel owned at least one commercial property with 66 residential units in New York City with 5,870 square feet and a city-determined market value of $351,000. (Market value is typically about 50% of actual value.) The portfolio has $22.8 million in debt, borrowed from Cross River Bank. The portfolio consists of at least a single industrial property. It is located in Brooklyn.
Direct link to Acris document. link