Mortar Group signs $4.7M acquisition loan with S3 Capital for mixed-use in Williamsburg

Mortar Group through the entity Humboldt Mg LLC as borrower signed a acquisition loan with lender S3 Capital through the entity S3 Sb Real Estate Credit A Trust valued at $4.7 million for the two-unit mixed-use building (S2) at 470 Humboldt Street in Williamsburg, Brooklyn.
The deal closed on March 30, 2026 and was recorded on April 17, 2026. The property has 2,750 square feet of built space and 2,250 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,709 and the price per buildable square foot is $940 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 30, 2026, for $2.3 million. The signatory for Mortar Group was Anthony Morena .

The property

The mixed-use building with 2 residential units in Williamsburg has 2,750 square feet of built space and 2,250 square feet of additional air rights for a total buildable of 5,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 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 $2.7 million.

Transaction Participants

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

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 $100 in OATH penalties in the last year.

Development

On the lot, there is one active major alteration construction project, B01378680, for a four-unit, 4,990 square-foot R-2 building. The project was submitted by Mortar Group and filed by Francesca Gaccione with plans filed March 27, 2026 and it has not been permitted yet.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2.1 billion in sales volume in the last two years. For development, Williamsburg is the most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space. There were 126 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 22 commercial properties representing 110,742 square feet of the 136,477 square feet. The largest owner is Acuity Capital Partners, followed by Zelig Weiss and then Urbana Partners.
On the tax block, there were two new building construction projects totaling 13,742 square feet. The largest is a nine-unit, 8,760 square-foot residential (R-2) building submitted by Arie Bar Chaim and filed by Arie Bar Chaim with plans filed November 3, 2023 and permitted September 18, 2024. The second largest is a six-unit, 4,982 square-foot residential (R-2) building submitted by Chaoyu Huang and filed by Chaoyu Huang with plans filed January 12, 2026 and it has not been permitted yet.

The majority, or 39 percent of the 136,477 square feet of built space are elevator buildings, with walkup buildings next occupying 37 percent of the space.

The borrower

The PincusCo database currently indicates that Mortar Group owned at least nine commercial properties with 91 residential units in New York City with 43,972 square feet and a city-determined market value of $85.8 million. (Market value is typically about 50% of actual value.) The portfolio has $65.7 million in debt, with top three lenders as Hirshmark Capital, DR Bank, and Popular Bank respectively. Within the portfolio, the bulk, or 58 percent of the 43,972 square feet of built space are walkup properties, with elevator properties next occupying 29 percent of the space. The bulk, or 76 percent of the built space, is in Brooklyn, with Queens next at 23 percent of the space.

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