Meir Daus, Elad Ben-Kimon sign $10M construction loan in Williamsburg

Meir Daus and Elad Ben-Kimon through the entity Devoe Condominiums LLC as borrower signed a new construction loan with lender Genesis Capital through the entity Genesis Capital, LLC valued at $10 million for at 107 to 109 Devoe Street in Williamsburg, Brooklyn.
On these lots, there is one active new building construction project, 321590854, for a eight-unit, 9,998 square-foot R-2 building. The project was submitted by Samantha Selvaggio with plans filed May 11, 2020 and it has not been permitted yet.
The deal closed on August 9, 2024 and was recorded on August 30, 2024.
The signatory for Meir Daus and Elad Ben-Kimon was Meir Daus and Elad Ben-Kimon.

The property

The 1-4 family building with 2 residential units in Williamsburg has 2,612 square feet of built space and 7,372 square feet of additional air rights for a total buildable of 9,996 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing.

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.

The block

On the tax block of 109 Devoe Street, PincusCo has identified the owners of three of the 11 commercial properties representing 24,510 square feet of the 72,834 square feet. The largest owner is Jacob Rubin, followed by David Chu and then Heins.
On the tax block, there was one new building construction project filed totaling 9,998 square feet. It is a eight-unit, 9,998 square-foot residential (R-2) building submitted by Samantha Selvaggio C/O with plans filed May 11, 2020 and it has not been permitted yet.

The majority, or 79 percent of the 72,834 square feet of built space are walkup buildings, with mixed-use buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Meir Daus owned at least 11 commercial properties with 31 residential units in New York City with 15,776 square feet and a city-determined market value of $11.2 million. (Market value is typically about 50% of actual value.) The portfolio has $10.8 million in debt, borrowed from Genesis Capital. Within the portfolio, the bulk, or 52 percent of the 15,776 square feet of built space are walkup properties, with B9 properties next occupying 21 percent of the space. They are all located in Brooklyn.
The PincusCo database currently indicates that Elad Ben-Kimon owned at least three commercial properties with 20 residential units in New York City with 12,628 square feet and a city-determined market value of $3.6 million. (Market value is typically about 50% of actual value.) The portfolio has $10.6 million in debt, borrowed from Genesis Capital. Within the portfolio, the bulk, or 57 percent of the 12,628 square feet of built space are walkup properties, with elevator properties next occupying 28 percent of the space. The bulk, or 57 percent of the built space, is in Queens, with Brooklyn next at 43 percent of the space.

Direct link to Acris document. link