Minerva Development signs $4.5M construction loan with Israel-based SDB in Bed Stuy

Minerva Development through the entity 68 Quincy LLC as borrower signed a new construction loan with lender SDB through the entity SDB Barak Quincy 68 General Partnership valued at $4.5 million for the building (B3) at 68 Quincy Street in Bedford Stuyvesant, Brooklyn.

On the lot, there is one active major alteration construction project, B01196131, for a nine-unit, 7,753 square-foot residential (R-2) building. The project was submitted by Minerva Development and filed by Omri Bar-Mashiah with plans filed March 19, 2025 and it has not been permitted yet.
The deal closed on March 20, 2025 and was recorded on April 15, 2025. The property has 2,384 square feet of built space and 5,797 square feet of additional air rights for a total buildable of 8,166 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $551 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 Minerva Development was Omri Bar-Mashiah .

The property

The 1-4 family building with 2 residential units in Bedford Stuyvesant has 2,384 square feet of built space and 5,797 square feet of additional air rights for a total buildable of 8,166 square feet according to a PincusCo analysis of city data. The parcel has frontage of 40 feet and is 100 feet deep with a total lot size of 4,083 square feet. 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 $2.1 million.

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 not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of seven of the 20 commercial properties representing 53,343 square feet of the 54,723 square feet. The largest owner is Stuart Gilman, followed by Tomer Erlich and then Simen Neiman.
On the tax block, there were four new building construction projects totaling 17,247 square feet. The largest is a six-unit, 5,424 square-foot residential (R-2) building submitted by Ran Michaeli and filed by Ran Michaeli with plans filed May 16, 2023 and permitted August 21, 2023. The second largest is a six-unit, 4,599 square-foot residential (R-2) building submitted by Shalev Yishai Barkai and filed by Yishai Barkai with plans filed April 2, 2021 and permitted March 4, 2022.

The majority, or 69 percent of the 54,723 square feet of built space are elevator buildings, with walkup buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Minerva Development owned at least three commercial properties with nine residential units in New York City with 9,136 square feet and a city-determined market value of $11 million. (Market value is typically about 50% of actual value.) The portfolio has $5.2 million in debt, borrowed from S3 Capital. Within the portfolio, the bulk, or 46 percent of the 9,136 square feet of built space are C0 properties, with C3 properties next occupying 29 percent of the space. They are all located in Brooklyn.

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