K2, Wallerstein, Olshwang obtain $79M refi for 165-unit rental in Prospect Lefferts Gardens

K2 Real Estate Partners, Shmuel Wallerstein, and Naftali Olshwang through the entity 210 Clarkson Propco LLC as borrower signed a refi loan with lender Berkeley Point Capital through the entity Berkeley Point Capital LLC, doing business as Newmark, valued at $79 million for the 165-unit newly built 210 Clarkson Avenue in Prospect Lefferts Gardens, Brooklyn. The building is divided into two commercial condominium units, one for the residential units, another for the retail space.
The deal closed on June 6, 2025 and was recorded on June 26, 2025. The prior lender was Dwight Capital which held debt that had an original loan amount of $75.2 million.The two properties have 185,926 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $425 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 K2 Real Estate Partners , Shmuel Wallerstein , and Naftali Olshwang was Aaron Wolfson . The signatory for Berkeley Point Capital was Andrew Bernstein.

The block

On the tax block of 210 Clarkson Avenue, PincusCo has identified the owners of 14 of the 18 commercial properties representing 589,467 square feet of the 634,529 square feet. The largest owner is Greystone & Co., followed by Abraham Jeremias and then Barry Hers.
On the tax block, there was one new building construction project filed totaling 62,208 square feet. It is a 55-unit, 62,208 square-foot residential (R-2) building submitted by Eli Karp with plans filed November 16, 2011 and permitted August 20, 2015.

The majority, or 81 percent of the 634,529 square feet of built space are elevator buildings, with walkup buildings next occupying 13 percent of the space.

The borrower

The PincusCo database currently indicates that Shmuel Wallerstein owned at least two commercial properties with 123 residential units in New York City with 115,318 square feet and a city-determined market value of $7.9 million. (Market value is typically about 50% of actual value.) The portfolio has $84 million in debt, borrowed from Popular Bank. Within the portfolio, the bulk, or 96 percent of the 115,318 square feet of built space are elevator properties, with walkup properties next occupying 4 percent of the space. They are all located in Brooklyn.

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