Meir Tabak signed a $14M construction loan with Bridgecity Capital for property in East Williamsburg

Meir Tabak through the entity 143 Graham LLC as borrower signed a new construction loan agreement with lender BridgeCity Capital valued at $14 million for two properties including the development site (M1) at 130 Montrose Avenue in East Williamsburg, Brooklyn and industrial (G7) at N/A Graham Avenue in East Williamsburg, Brooklyn.
The deal closed on March 11, 2021 and was recorded on April 22, 2021.
The two properties have 105,986 square feet of built space and 60,995 square feet of additional air rights for a total buildable of 166,698 square feet according to PincusCo analysis of city data. The loan price per built square foot is $132 and the price per buildable square foot is $83 per the PincusCo analysis.
The signatory for Meir Tabak was Meir D. Tabak. The signatory for Bridgecity Capital Qob LLC was Louis Lebovits.
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 $100.