Moses Wertheimer signs $10M initial loan with Levon Capital for development in Bedford Stuyvesant

Moses Wertheimer through the entity The W Group Of Brooklyn LLC as borrower signed a initial loan with lender Levon Capital through the entity Levon Ny Xxiv LLC valued at $10 million for the development building (V1) at 11 Spencer Street in Bedford Stuyvesant, Brooklyn.
The deal closed on July 5, 2024 and was recorded on August 1, 2024. The property has zero square feet of built space and 42,674 square feet of additional air rights for a total buildable of 42,674 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $N/A and the price per buildable square foot is $234 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 12, 2015, for $5 million. The signatory for Moses Wertheimer was Moses Wertheimer. Moses Wertheimer is president of the the W Group of Brooklyn LLC.

The property

The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 21,337 square feet. The lot is irregular. The zoning is M1-2 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2 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 received $6,280 in ECB penalties and $6,580 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, 321386861, for a 90,213 square-foot M building. The project was submitted by Moses Wertheimer with plans filed March 7, 2019 and permitted June 27, 2023.

The neighborhood

In Bedford Stuyvesant, The bulk, or 35 percent of the 54.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 29 percent of the space. In sales, Bedford Stuyvesant has the 6th highest sale turnover among other neighborhoods in the city with $1.2 billion in sales volume in the last two years. For development, Bedford Stuyvesant has 2.6 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 18 commercial properties representing 132,247 square feet of the 170,526 square feet. The largest owner is Big Dream Developers, followed by Cw Realty and then Cw Realty Group.
On the tax block, there were three new building construction projects totaling 180,522 square feet. The largest is a 90,213 square-foot mercantile (M) building submitted by Moses Wertheimer with plans filed March 7, 2019 and permitted June 27, 2023. The second largest is a 71,574 square-foot business (B) building submitted by Moses Wertheimer and filed by Moses Wertheimer with plans filed June 22, 2022 and it has not been permitted yet.

The majority, or 70 percent of the 170,526 square feet of built space are office buildings, with industrial buildings next occupying 17 percent of the space.

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