Ponce Bank signs 3 construction loans totaling $34M in Brooklyn, Queens

UPDATED: Ponce Bank signed three construction loans totaling $34 million in Brooklyn and Queens with developers Abraham Posner, Roy Moussaieff and Silverline Group.

In the largest, Abraham Posner through the entity 65-73 Eckford Realty LLC as borrower signed a new construction loan with lender Ponce Bank valued at $16 million for the 24-unit project at 65 Eckford Street in Greenpoint, Brooklyn.
The deal closed on March 21, 2023 and was recorded on March 31, 2023. The prior lender was Harry Einhorn which held debt that had an original loan amount of $6.4 million.
The owner bought the property on July 13, 2016, for $9.8 million. The signatory for Abraham Posner was Abraham Posner. The signatory for Ponce Bank was Steve A. Tsavaris.

There is a new building project for a 24-unit, 20,276 square-foot residential (R-2) building developed by Abe Posner with plans filed April 5, 2022 and it has not been permitted yet.

The borrower

The PincusCo database currently indicates that Abraham Posner owned at least five commercial properties in New York City with 61,648 square feet and a city-determined market value of $10.6 million. (Market value is typically about 50% of actual value.) The portfolio has $39.3 million in debt, with top three lenders as Popular Bank, TD Bank, and Valley National Bank respectively. Within the portfolio, the bulk, or 69 percent of the 61,648 square feet of built space are elevator properties, with walkup properties next occupying 26 percent of the space. The bulk, or 92 percent of the built space, is in Brooklyn, with Queens next at 8 percent of the space.

Direct link to Acris document. link

In the second, Roy Moussaieff through the entity The Estates At Briarwood LLC as borrower signed a new construction loan with lender Ponce Bank valued at $10.5 million for the 42-unit project at 143-26 84th Road in Briarwood, Queens.

The deal closed on March 23, 2023 and was recorded on March 31, 2023. The two properties have 3,108 square feet of built space and 21,934 square feet of additional air rights for a total buildable of 25,020 square feet according to PincusCo analysis of city data. The signatory for Roy Moussaieff was Roy Moussaieff.
On these lots, there is one active new building construction project for a 42-unit, 29,378 square-foot R-2 building. The project was developed by Roy Moussaieff with plans filed December 23, 2021 and it has not been permitted yet.

Direct link to Acris document. link

In the third, Silverline Group through the entity 3119 LLC as borrower signed a new construction loan with lender Ponce Bank valued at $7.5 million for the 10-unit project at 31-19 29th Street in Astoria, Queens.

The deal closed on February 21, 2023 and was recorded on March 31, 2023. The prior lender was Freedom Bank which held debt that had an original loan amount of $1.9 million.

The property has 2,368 square feet of built space and 5,193 square feet of additional air rights for a total buildable of 7,563 square feet according to PincusCo analysis of city data. The loan price per built square foot is $3,167 and the price per buildable square foot is $991 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 29, 2020, for $1.9 million. The signatory for Silverline Group was Tony El-Hadi. The signatory for Ponce Bank was Steven A. Tsavaris.

On the lot, there is one active new building construction project for a 10-unit, 7,477 square-foot residential (R-2) building. The project was developed by Desmond Neill with plans filed February 26, 2021 and permitted May 3, 2022.

Correction: An earlier version of this post reported Marc Richter as the individual who filed the building plan in Briarwood, based on city records. However, Roy Moussaieff was the applicant. 

Direct link to Acris document. link