Juda Lefkowitz signs $16.5M construction loan for 42-unit project in Borough Park

Juda Lefkowitz through the entity 3920 15 Avenue LLC as borrower signed a new construction loan with lender Dime Community Bank valued at $16.5 million for the 42-unit development at 3914 15th Avenue in Borough Park, Brooklyn.

On the lot, there is one active new building construction project for a 42-unit, 45,246 square-foot residential (R-2) building. The project was submitted by Juda Lefkowitz with plans filed March 9, 2022 and permitted September 6, 2022.

The deal closed on February 28, 2024 and was recorded on March 1, 2024. The signatory for Juda Lefkowitz was Juda Lefkowitz.

The property

The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential.

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 $5,000 in ECB penalties and $5,000 in OATH penalties in the last year.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 1.8 times the average sales volume among other neighborhoods with $542.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 927,189 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.

The block

On this tax block, PincusCo has identified the owners of four of the 14 commercial properties representing 83,089 square feet of the 142,089 square feet. The largest owner is Sandor Grunwald, followed by Safe N Lock Storage and then Joel Follman.
On the tax block, there were two new building construction projects totaling 109,061 square feet. The largest is a 63,815 square-foot storage (S-1) building submitted by SNL Storage and filed by Michael Jayne with plans filed March 19, 2020 and permitted December 8, 2020. The second largest is a 42-unit, 45,246 square-foot residential (R-2) building submitted by Juda Lefkowitz and filed by Juda Lefkowitz with plans filed March 9, 2022 and permitted September 6, 2022.

The majority, or 50 percent of the 142,089 square feet of built space are industrial buildings, with mixed-use buildings next occupying 22 percent of the space.

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