Michael Goldstein buys $13.3M note secured by 19-unit rental in Gowanus
Michael Goldstein of Goldstein Group Equity and Goldstein Group NY Equities, through the entity 114-118 15th Street Note LLC bought a note with an original principal of $13.3 million from East West Bank secured by Bob Delidemitriou’s 19-unit residential elevator building (D3) at 116 15th Street in Gowanus, Brooklyn.
The deal closed on March 27, 2025 and was recorded on April 1, 2025. The prior lender was East West Bank which held debt that had an original loan amount of $13.3 million.The property has 32,910 square feet of built space according to a PincusCo analysis of city data.
The signatory for Bob Delidemitriou was Bob Delidemitriou. The signatory for Michael Goldstein was Michael Goldstein.
The property
The residential elevator building with 19 residential units in Gowanus has 32,910 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 115 feet deep with a total lot size of 8,442 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.5 million. The most recent loan totaled $13.3 million and was provided by East West Bank on December 29, 2022.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $13.3 million commercial foreclosure concerning a loan filed on April 3, 2024, by East West Bank against Bob Delidemitriou. In addition, according to city public data, the property has received $1,280 in ECB penalties and $1,930 in OATH penalties in the last year.
Development
On the lot, there is one active new building construction project, 321385639, for a 19-unit, 16,784 square-foot R-2 building. The project was submitted by Bob Delidimitriou with plans filed January 8, 2019 and permitted December 24, 2020.
The block
On this tax block, PincusCo has identified the owners of one of the 14 commercial properties representing zero square feet of the 43,002 square feet. The identified owner is Bob Delidemitriou.
On the tax block, there was one new building construction project filed totaling 16,784 square feet. It is a 19-unit, 16,784 square-foot residential (R-2) building submitted by Bob Delidimitriou with plans filed January 8, 2019 and permitted December 24, 2020.
The majority, or 48 percent of the 43,002 square feet of built space are elevator buildings, with mixed-use buildings next occupying 37 percent of the space.
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