National autism therapy provider signs $15M construction loan for school in Gravesend

The national autism therapy provider Applied ABC through the entity 255 Street Equities LLC as borrower signed a new construction loan with lender Bank of America valued at $15 million for the 22,831-square-foot, four-story school building project at 257 Kings Highway in Gravesend, Brooklyn.
The deal closed on April 10, 2025 and was recorded on April 29, 2025. The loan price per planned zoning square foot is $657, according to 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 August 11, 2021, for $2 million. The signatory for Applied ABC was Yecheskel Halberstam and CEO Gitty Endzweig.

Applied ABC has various types of services in approximately two dozen states, according to its website, including one educational center in New Jersey, and two in New York City, at 2959 Avenue Y in Sheepshead Bay and 2157 Tomlinson Avenue in Morris Park.

The property

The development building with 2 residential units in Gravesend has 7,815 square feet of built space and 23,612 square feet of additional air rights for a total buildable of 23,612 square feet according to a PincusCo analysis of city data. The parcel has frontage of 103 feet and is 71 feet deep with a total lot size of 5,903 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $998,600.

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 one DOB violation, $13,780 in ECB penalties, and $8,050 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00979665, for a 22,831 square-foot 57 building. The project was submitted by Yecheskel Halberstam and filed by Yecheskel Halberstam with plans filed December 29, 2023 and permitted November 29, 2024.

The neighborhood

In Gravesend, The bulk, or 40 percent of the 19.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has 1.2 times the average sales volume among other neighborhoods with $332.1 million in sales volume in the last two years and is the 21st highest in Brooklyn. For development, Gravesend has 1.2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Brooklyn. It had 1.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the 15 commercial properties representing 3,875 square feet of the 52,666 square feet. The identified owner is Yechezkel Halberstam.
On the tax block, there was one new building construction project filed totaling 22,831 square feet. It is a 22,831 square-foot 57 building submitted by Yecheskel Halberstam and filed by Yecheskel Halberstam with plans filed December 29, 2023 and permitted November 29, 2024.

The majority, or 87 percent of the 52,666 square feet of built space are mixed-use buildings, with retail buildings next occupying 13 percent of the space.

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