Mendel Schwimmer signs $13.7M construction loan with S3 for 28-unit dev site in East Flatbush

Mendel Schwimmer through the entity 341 Lenox Realty LLC as borrower signed a construction loan with lender S3 Capital through the entity S3 Sb Real Estate Credit A Trust valued at $13.7 million for the 28-unit development at 341 Lenox Road in East Flatbush, Brooklyn.

On the lot, there is one active new building construction project, B01038171, for a 28-unit, 23,848 square-foot residential (R-2) building. The project was submitted by Yuda Furth and filed by Yuda Furth with plans filed May 7, 2024 and permitted March 30, 2026.

The deal closed on March 24, 2026 and was recorded on April 28, 2026. The prior lender was S3 Capital which held debt that had an original loan amount of $1.8 million.The property has 3,731 square feet of built space and 20,370 square feet of additional air rights for a total buildable of 24,080 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,671 and the price per buildable square foot is $568 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 owner bought the property on March 24, 2026, for $1,000,000. The signatory for Mendel Schwimmer was Mendel Schwimmer. The signatory for S3 Capital was Joshua Crane .

Transaction Participants

Adam J. Feit at The Feit Law Firm PLLC participated in the transaction on behalf of the lender.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $9,750 in ECB penalties and $9,750 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B01038171, for a 28-unit, 23,848 square-foot R-2 building. The project was submitted by Yuda Furth and filed by Yuda Furth with plans filed May 7, 2024 and permitted March 30, 2026.

The block

On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 627,631 square feet of the 731,577 square feet. The largest owner is Hudson Companies, followed by Kamran B. Neman and then Jonas Equities.
On the tax block, there were two new building construction projects totaling 61,669 square feet. The largest is a 51-unit, 37,821 square-foot residential (R-2) building submitted by SGW Properties and filed by Ari Hecht with plans filed June 5, 2017 and it has not been permitted yet. The second largest is a 28-unit, 23,848 square-foot residential (R-2) building submitted by Yuda Furth and filed by Yuda Furth with plans filed May 7, 2024 and permitted March 30, 2026.

The majority, or 93 percent of the 731,577 square feet of built space are elevator buildings, with mixed-use buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Mendel Schwimmer owned at least four commercial properties with 13 residential units in New York City with 17,097 square feet and a PincusCo-determined asset value of $17.3 million. The portfolio has $15.1 million in debt, borrowed from Zhi Xiang Lin and Cantor Commercial Real Estate Lending. Within the portfolio, the bulk, or 58 percent of the 17,097 square feet of built space are condo properties, with mixed-use properties next occupying 16 percent of the space.

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