Nalcorp signs $31M refi with Valley for new 63-unit rental in Flatbush

Nalcorp through the entity Rogers Plaza NY LLC as borrower signed a refinance loan with lender Valley National Bank valued at $31 million for the 63-unit residential elevator building (D6) at 2605 Snyder Avenue in Flatbush, Brooklyn.
The deal closed on May 27, 2026 and was recorded on June 10, 2026. The prior lender was Bank Hapoalim which held debt that had an original loan amount of $23.5 million. The property has 67,822 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $457 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 December 23, 2021, for $4.5 million. The signatory for Nalcorp was Anshel Fridman . The signatory for Valley National Bank was Jeffrey Puchin .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Anshel Fridman, head officer and Yehuda Fridman, site manager. The business entity is Rogers Plaza Ny Llc.

The property

The residential elevator building with 63 residential units in Flatbush has 67,822 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 92 feet deep with a total lot size of 9,849 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $689,000. Valley National Bank on May 27, 2026 bought a loan with an original principal of $23.5 million from Bank Hapoalim signed by Judy Barnes , secured by 2605 Snyder Avenue, when owned by Nalcorp .

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 $350 in OATH penalties in the last year.

Development

On the lot, there was a new building construction project, B00588575, for a 63-unit residential (R-2) building. The project was submitted by Anshel Fridman and filed by Anshel Fridman with plans filed September 20, 2021 and permitted December 5, 2023.

The block

On this tax block, PincusCo has identified the owners of six of the 11 commercial properties representing 106,918 square feet of the 121,779 square feet. The largest owner is Woodmont Development , followed by Vincent Ragosta and then Jack Guttman.
On the tax block, there were two new building construction projects totaling 68,185 square feet. The largest is a 62-unit, 43,776 square-foot residential (R-2) building submitted by Anshel Fridman and filed by Anshel Fridman with plans filed September 20, 2021 and permitted December 5, 2023. The second largest is a 24,409 square-foot business (B) building submitted by Anshel Fridman with plans filed October 13, 2021 and permitted March 11, 2022.

The majority, or 42 percent of the 121,779 square feet of built space are elevator buildings, with industrial buildings next occupying 38 percent of the space.

The borrower

The PincusCo database currently indicates that Nalcorp owned at least eight commercial properties with 170 residential units in New York City with 98,853 square feet and a PincusCo-determined asset value of $127.9 million. The portfolio has $24.5 million in debt, borrowed from Bank of Montreal and Webster Bank. Within the portfolio, the bulk, or 62 percent of the 98,853 square feet of built space are elevator properties, with industrial properties next occupying 19 percent of the space. The bulk, or 69 percent of the built space, is in Brooklyn, with Bronx next at 30 percent of the space.

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