Ludovik Benedek signs $7.9M refi with Bank of Montreal for two properties in Flatbush

Ludovik Benedek through the entity Flatbush Equity Partners LLC as borrower signed a refi loan with lender Bank of Montreal valued at $7.9 million for two properties with one residential unit including a retail condo at 822 Flatbush Avenue in Flatbush, Brooklyn.
The deal closed on January 26, 2026 and was recorded on February 2, 2026. The prior lender was Blackstone Group which held debt that had an original loan amount of $7.3 million.The two properties have 23,502 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $336 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 Ludovik Benedek was Ludovik Benedek. The signatory for Bank of Montreal was Michael Birajiclian .

The property

The retail condo in Flatbush has 23,502 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 11,884 square feet. The city-designated market value for the property in 2022 is $1.6 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 not received any significant violations in the last year.

Development

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 Flatbush, The majority, or 54 percent of the 37.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 22 percent of the space. In sales, Flatbush has 1.7 times the average sales volume among other neighborhoods with $542.7 million in sales volume in the last two years and is the 11th highest in Brooklyn. For development, Flatbush has had very little major development activity relative to other neighborhoods.It had 924,546 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 822 Flatbush Avenue, PincusCo has identified the owners of 12 of the 37 commercial properties representing 481,238 square feet of the 631,037 square feet. The largest owner is Joseph Popack, followed by Maureen N. Cohen and then BLDG Management.
On the tax block, there was one new building construction project filed totaling 31,907 square feet. It is a 47-unit, 31,907 square-foot residential (R-2) building submitted by Mendy Raskin and filed by Mendy Raskin with plans filed April 22, 2025 and it has not been permitted yet.

The majority, or 55 percent of the 631,037 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The borrower

The PincusCo database currently indicates that Ludovik Benedek owned at least two commercial properties with 43 residential units in New York City with 53,756 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, with top three lenders as Signature Bank, Cantor Fitzgerald, and Series 2024-AHP1 respectively. Within the portfolio, the bulk, or 63 percent of the 53,756 square feet of built space are walkup properties, with K4 properties next occupying 37 percent of the space. They are all located in Brooklyn.

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