Loketch Group and Meral Property Group borrow $50M from S3 Capital Partners for new construction in Clinton Hill

Pinchos Loketch’s Loketch Group and Meral Property Group through the entity Quincy Street Investors LLC as borrower signed a loan agreement with lender S3 Capital Partners through the entity S3 Re Quincy Street Funding LLC valued at $50.0 million for 1 parcel, including the tax class semi-fireproof manufacturing building (F4) at 22 Quincy Street in Clinton Hill. The deal closed on December 30, 2019 and was recorded on January 14, 2020.
The property contains a total of 70,182 square feet of built space.
The average loan per buildable square foot is $712.
The developers acquired the property simultaneously with the construction loan.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $6,100,000. Those filings sought to increase the number of residential units by 46 to 46There has been one new building permit application totaling 26,389 square feet. Those plans include a total of 43 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link