Leslie Xia signs $8.8M loan with S3 Capital for 25-unit dev site in Crown Heights

Leslie Xia through the entity 1532 Bergen Street LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 SB Real Estate Credit A Trust valued at $8.8 million for two-parcel development site (V0) at 1530 Bergen Street in Crown Heights, Brooklyn.

On these lots, there is one active new building construction project, B01266301, for a 25-unit, 19,423 square-foot residential (R-2) building. The project was submitted by Leslie Xia on August 7, 2025 and it has not been permitted yet.

The deal closed on March 20, 2026 and was recorded on March 26, 2026. The two properties have 1,800 square feet of built space and 13,423 square feet of additional air rights for a total buildable of 15,211 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $4,888 and the price per buildable square foot is $578 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 Leslie Xia was Leslie Xia.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1532 Bergen Street.

The property

The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $150 in OATH penalties in the last year.

The block

On the tax block of 1532 Bergen Street, PincusCo has identified the owners of seven of the 24 commercial properties representing 95,269 square feet of the 136,880 square feet. The largest owner is Concern For Independent Living, followed by Aaron Lebovits and then Kylei McGill-Patterson.
On the tax block, there were three new building construction projects totaling 22,344 square feet. The largest is a 25-unit, 19,423 square-foot residential (R-2) building submitted by Leslie Xia and filed by Leslie Xia with plans filed August 7, 2025 and it has not been permitted yet. The second largest is a two-unit, 1,467 square-foot residential (R-3) building submitted by Solomon Feder with plans filed November 16, 2017 and it has not been permitted yet.

The majority, or 42 percent of the 136,880 square feet of built space are elevator buildings, with walkup buildings next occupying 30 percent of the space.

The borrower

The PincusCo database currently indicates that Leslie Xia owned at least one commercial property with two residential units in New York City with 2,025 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $4.2 million in debt, borrowed from S3 Capital. The portfolio consists of at least a single B3 property. It is located in Queens.

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