Moshe Drizin signs $18.5M refi for two rentals in Prospect Lefferts Gardens
Moshe Drizin through the entity Flatbush Patio LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $18.5 million for two residential elevator properties with 496 residential units including the 272-unit residential elevator building (D3) at 590 Flatbush Avenue and the 224-unit residential elevator building (D3) at 580 Flatbush Avenue, both in Prospect Lefferts Gardens, Brooklyn.
The deal closed on May 29, 2025 and was recorded on June 5, 2025. The prior lender was Capital One which held debt that had an original loan amount of $18.5 million.The two properties have 549,316 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $33 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 Moshe Drizin was Moshe Drizin. The signatory for JPMorgan Chase was Jennifer Smith.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Joel Drizin, head officer and Benjamin Baum, agent. The business entities are Flabush Patio, Llc and Flatbush Patio Llc. The two properties with a total of 549,316 square feet of built space generated revenue of $10.9 million per year or $20 per square foot.
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 45 housing violations, $3,525 in OATH penalties, and two housing litigations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On the tax block of 590 Flatbush Avenue, PincusCo has identified the owners of 25 of the 60 commercial properties representing 1,918,149 square feet of the 2,373,145 square feet. The largest owner is Hudson Companies, followed by Moshe Drizin and then Eric Miller.
There are no active new building construction projects on this tax block.
The majority, or 85 percent of the 2.4 million square feet of built space are elevator buildings, with walkup buildings next occupying 11 percent of the space.
The borrower
The PincusCo database currently indicates that Moshe Drizin owned at least six commercial properties with 1,947 residential units in New York City with 2,105,660 square feet and a city-determined market value of $113 million. (Market value is typically about 50% of actual value.) The portfolio has $8.7 million in debt, borrowed from Sterling National Bank. Within the portfolio, the bulk, or 97 percent of the 2,105,660 square feet of built space are elevator properties, with walkup properties next occupying 3 percent of the space. They are all located in Brooklyn.
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