Pinches Abowitz signs $16.9M refi with Popular Bank for 68-unit rental in Far Rockaway

Pinches Abowitz through the entity Foam Place Holdings L.L.C. as borrower signed a refi loan with lender Popular Bank through the entity Popular Bank valued at $16.9 million for the 68-unit residential elevator building (D3) at 11-19 Foam Place in Far Rockaway, Queens.
The deal closed on February 4, 2026 and was recorded on February 27, 2026. The prior lender was Popular Bank which held debt that had an original loan amount of $12.6 million.The property has 59,280 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $285 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 January 11, 2024, for $4.8 million. The signatory for Pinches Abowitz was Pinches Abowitz, who also uses the name Peter Abowitz. The signatory for Popular Bank was Wendy Scarlett .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Peter Abowitz, head officer and Abe Shalitzky, agent. The business entity is Foam Place Holdings Llc. The 59,280-square-foot property generated revenue of $1.9 million or $32 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 68 residential units in Far Rockaway has 59,280 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 74 feet and is 143 feet deep with a total lot size of 10,176 square feet. The lot is irregular. 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 $570,000. Popular Bank on February 4, 2026 bought a loan with an original principal of $12.6M from Popular Bank signed by prior lender signatory, secured by 11-19 Foam Place, when owned by Pinches Abowitz .

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 $100 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, Q00665670, for a 66-unit, 45,647 square-foot R-2 building. The project was submitted by Marcal Group and filed by Abraham Caller with plans filed February 16, 2022 and permitted April 1, 2024.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing zero square feet of the 41,038 square feet. The two identified owners are Pinches Abowitz and Eric Mendel.
On the tax block, there was one new building construction project filed totaling 45,647 square feet. It is a 66-unit, 45,647 square-foot residential (R-2) building submitted by Marcal Group and filed by Abraham Caller with plans filed February 16, 2022 and permitted April 1, 2024.

The majority, or 66 percent of the 41,038 square feet of built space are mixed-use buildings, with office buildings next occupying 29 percent of the space.

The borrower

The PincusCo database currently indicates that Pinches Abowitz owned at least 15 commercial properties with 197 residential units in New York City with 45,897 square feet and a city-determined market value of $9.5 million. (Market value is typically about 50% of actual value.) The portfolio has $100.5 million in debt, with top three lenders as S3 Capital, Popular Bank, and Webster Bank respectively. Within the portfolio, the bulk, or 35 percent of the 45,897 square feet of built space are retail properties, with mixed-use properties next occupying 28 percent of the space. The bulk, or 68 percent of the built space, is in Queens, with Brooklyn next at 30 percent of the space.

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