Neil Einhorn signs $58M refi with Bank of Montreal for new 98-unit rental in Crown Heights

Neil Einhorn through the entity 1499 Bedford LLC as borrower signed a refi loan with lender Bank of Montreal through the entity Bank Of Montreal valued at $58 million for the 98-unit residential elevator building (D3) at 1499 Bedford Avenue in Crown Heights, Brooklyn.
The deal closed on May 30, 2025 and was recorded on June 6, 2025. The prior lender was H.I.G. Capital which held debt that had an original loan amount of $44 million.The property has 102,190 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $567 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 September 18, 2020, for $13.9 million. The signatory for Neil Einhorn was Neil Einhorn. The signatory for Bank of Montreal was Michael Birajiclian .

Prior sales and revenue

The 102,190-square-foot property generated revenue of $3.4 million or $33 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 98 residential units in Crown Heights has 102,190 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 112 feet deep with a total lot size of 15,992 square feet. The lot is irregular. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $17.3 million. The most recent loan totaled $44 million and was provided by H.I.G. Capital on December 29, 2023.

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 $650 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 29, 2025. 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 this tax block, PincusCo has identified the owners of 11 of the 16 commercial properties representing 150,226 square feet of the 176,803 square feet. The largest owner is Yosi Cohen, followed by David Schwartz Of 3 Dakota and then Hudson Companies.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 176,803 square feet of built space are elevator buildings, with walkup buildings next occupying 39 percent of the space.

The borrower

The PincusCo database currently indicates that Neil Einhorn owned at least one commercial property in New York City with 15,750 square feet and a city-determined market value of $2.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single office property. It is located in Brooklyn.

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