Liberty One Group signs $9.7M refi with M&T in Cypress Hills

Liberty One Group through the entity 74 Eldert Realty LLC as borrower signed a refi loan with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $9.7 million for two properties including the specialty building (M9) at 74 Eldert Lane in Cypress Hills, Brooklyn and industrial building (G7) at 82 Eldert Lane in Cypress Hills, Brooklyn.
The deal closed on May 19, 2026 and was recorded on June 5, 2026. The prior lender was M&T Bank which held debt that had an original loan amount of $7.8 million.The two properties have 15,624 square feet of built space and 3,123 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $620 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 Liberty One Group was Joel Shafran . The signatory for M&T Bank was Adam Bavifard .

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 74 Eldert Lane.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes David Levitan, head officer and Hannah Landa, site manager. The business entity is Institute For Community Living.

The property

The specialty building in Cypress Hills has 15,624 square feet of built space and 3,123 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 6,000 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 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 $2,560 in ECB penalties and $7,545 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Cypress Hills, The bulk, or 24 percent of the 8.6 million square feet of commercial built space are mixed-use buildings, with specialty buildings next occupying 20 percent of the space. In sales, Cypress Hills has had very little sales volume relative to other neighborhoods with $178.2 million in sales volume in the last two years. For development, Cypress Hills has 1.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Brooklyn. It had 2 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 42,100 square feet of built space are mixed-use buildings, with walkup buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Joel Shafran owned at least 28 commercial properties with 657 residential units in New York City with 887,817 square feet and a PincusCo-determined asset value of $276.7 million. The portfolio has $131.3 million in debt, with top three lenders as Popular Bank, Signature Bank, and TriState Capital Bank respectively. Within the portfolio, the bulk, or 35 percent of the 887,817 square feet of built space are hotel properties, with walkup properties next occupying 31 percent of the space. The bulk, or 56 percent of the built space, is in Brooklyn, with Queens next at 17 percent of the space.

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