Michael Shapiro signs $13.2M refi with Maxim Capital for 30-unit condo in Sheepshead Bay

Michael Shapiro through the entity 2518 Ocean Ave Tower LLC as borrower signed a refi loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $13.2 million for the new construction, 30-unit residential elevator building (D1) at 2518 Ocean Avenue in Sheepshead Bay, Brooklyn.

On these lots, there was a new building construction project, B08022562, for a 30-unit, 23,504 square-foot residential (R-2) building. The project was submitted by Alex Finkelshteyn with plans filed October 18, 2022 and permitted June 10, 2024. On one of the tax lots, the most recent condominium plan was filed by 2518 OCEAN AVE TOWER LLC to create 30 residential units in a building at 2518 Ocean Avenue in Sheepshead Bay, Brooklyn, called 2518 Ocean Avenue Condominium that has a $19.7 million sellout, according to an March 31, 2025 submission to the New York State Attorney General. The principals of the sponsor, 2518 OCEAN AVE TOWER LLC, were Michael Pesochinsky and Michael Shapiro.

The loan closed on November 10, 2025 and was recorded on November 26, 2025. The prior lender was S3 Capital which held debt that had an original loan amount of $11.5 million.The building has 30,143 square feet of built space and 11,820 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $439 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 Michael Shapiro was Michael Shapiro. The signatory for Maxim Capital Group was Eric Sadkin .

The property

The development building in Sheepshead Bay has 30,143 square feet of built space and 11,820 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 23 feet and is 125 feet deep with a total lot size of 2,955 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $287,000.

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 received $4,125 in ECB penalties and $4,125 in OATH penalties in the last year.

The neighborhood

In Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.6 times the average sales volume among other neighborhoods with $488.6 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 748,512 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On the tax block of 2518 Ocean Avenue, PincusCo has identified the owners of three of the 16 commercial properties representing 40,125 square feet of the 235,611 square feet. The two identified owners are Chatram Persaud and Michael Shapiro.
On the tax block, there were two new building construction projects totaling 47,025 square feet. The largest is a 25-unit, 23,521 square-foot residential (R-2) building submitted by Ying Fu with plans filed June 27, 2019 and it has not been permitted yet. The second largest is a 30-unit, 23,504 square-foot residential (R-2) building submitted by Alex Finkelshteyn with plans filed October 18, 2022 and permitted February 14, 2024.

The majority, or 55 percent of the 235,611 square feet of built space are specialty buildings, with walkup buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Michael Shapiro owned at least two commercial properties with 30 residential units in New York City with 6,125 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) The portfolio has $11.5 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 60 percent of the 6,125 square feet of built space are office properties, with mixed-use properties next occupying 40 percent of the space. They are all located in Brooklyn.

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