Regal Ventures signs $14.5M refi for industrial in Gowanus

Regal Ventures through the entity C & F Second Avenue LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $14.5 million for the industrial building (E9) at 58 2nd Avenue in Gowanus, Brooklyn.
The deal closed on August 28, 2025 and was recorded on September 5, 2025. The prior lender was Santander Bank which held debt that had an original loan amount of $16 million.The property has 370,000 square feet of built space and 136,390 square feet of additional air rights for a total buildable of 505,150 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $39 and the price per buildable square foot is $28 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 signatory for Regal Ventures was Joey Cohen . The signatory for JPMorgan Chase was Ursula Flores.

Prior sales and revenue

The 370,000-square-foot property generated revenue of $4.3 million or $12 per square foot, according to the most recent income and expense figures.

The property

The industrial building in Gowanus has 370,000 square feet of built space and 136,390 square feet of additional air rights for a total buildable of 505,150 square feet according to a PincusCo analysis of city data. The parcel has frontage of 479 feet and is 538 feet deep with a total lot size of 252,575 square feet. The lot is irregular. The zoning is M2-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $24.9 million. Santander Bank on August 27, 2020 bought a loan with an original principal of 16000000.0 from Santander Bank signed by Elyahu Cohen, secured by 58 2nd Avenue, when owned by Regal Ventures.

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 two DOB violations and $2,850 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 neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2.6 times the average sales volume among other neighborhoods with $735.5 million in sales volume in the last two years and is the 7th highest in Brooklyn. For development, Gowanus has 1.5 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 2.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the 13 commercial properties representing 488,367 square feet of the 656,494 square feet. The two identified owners are Elyahu Cohen and Aaron Berger.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 656,494 square feet of built space are industrial buildings, with specialty buildings next occupying 0 percent of the space.

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