Poise Property signs $22.1M construction loan for in Greenwood Heights

Poise Property Group through the entity 259 22nd Street LLC as borrower signed a new construction loan with lender Preferred Bank  valued at $22.1 million for the property at 259 22nd Street in Greenwood Heights, Brooklyn.

On the tax block, there were two new building construction projects totaling 65,149 square feet. The largest is a 40-unit, 59,437 square-foot residential (R-2) building submitted by Poise Property Group and filed by Daniel Kaykov with plans filed July 23, 2024 and permitted April 9, 2025.
The deal closed on June 11, 2025 and was recorded on July 2, 2025. The property has zero square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $N/A 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 11, 2024, for $12 million. The signatory for Poise Property Group was Daniel Kaykov .

The property

PincusCo cannot determine the lot area of the 259 22nd Street parcel at this time.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $12 million judgment concerning a leave to sell filed on January 22, 2024, by St. John’s Roman Catholic Church and Roman Catholic Church against Daniel Kaykov. In addition, according to city public data, the property has received $2,500 in ECB penalties and $2,500 in OATH penalties 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 this tax block, PincusCo has identified the owners of two of the 15 commercial properties representing 6,391 square feet of the 68,503 square feet. The two identified owners are Kah Wai Koo and Satter A. Syed.

The majority, or 52 percent of the 68,503 square feet of built space are walkup buildings, with mixed-use buildings next occupying 48 percent of the space.

The borrower

The PincusCo database currently indicates that Poise Property Group owned at least three commercial properties with 32 residential units in New York City with 49,849 square feet and a city-determined market value of $1.7 million. (Market value is typically about 50% of actual value.) The portfolio has $6 million in debt, borrowed from MidFirst Bank. Within the portfolio, the bulk, or 85 percent of the 49,849 square feet of built space are elevator properties, with I9 properties next occupying 15 percent of the space. They are all located in Brooklyn.

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