Rogers Equities signs $42.8M construction loan with S3 Capital for 85 unit in Gowanus

Rogers Equities through the entity 416 4th Ave Realty LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re 416 4th Ave Funding LLC valued for the 85-unit project at 246 7th Street in Gowanus, Brooklyn.

On these lots, there is one active new building construction project, B01315432, for a 85-unit, 60,085 square-foot residential (R-2) building. The project was submitted by Rogers Equities and filed by Abe Waldman with plans filed January 22, 2026 and it has not been permitted yet.
The loan closed on May 12, 2026 and was recorded on June 5, 2026. The loan price per planned development square foot is $712 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 Rogers Equities was Abraham Waldman .

The property

The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, $8,750 in ECB penalties, $8,880 in OATH penalties, and one housing litigation in the last year.

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 2.1 times the average sales volume among other neighborhoods with $743.3 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Gowanus has 1.3 times the average amount of major developments relative to other neighborhoods and is the 7th 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.

The block

On the tax block of 416 4th Avenue, PincusCo has identified the owners of four of the 11 commercial properties representing 47,417 square feet of the 99,930 square feet. The largest owner is George N. Malafis, followed by Jack Cheng and then Yevgeny Tsyngauz.
On the tax block, there was one new building construction project filed totaling 60,085 square feet. It is a 85-unit, 60,085 square-foot residential (R-2) building submitted by Rogers Equities and filed by Abe Waldman with plans filed January 22, 2026 and it has not been permitted yet.

The majority, or 52 percent of the 99,930 square feet of built space are elevator buildings, with walkup buildings next occupying 26 percent of the space.

The borrower

The PincusCo database currently indicates that Rogers Equities owned at least six commercial properties with 13 residential units in New York City with 33,312 square feet and a PincusCo-determined asset value of $110.5 million. The portfolio has $75.5 million in debt, borrowed from BridgeCity Capital and S3 Capital. Within the portfolio, the bulk, or 34 percent of the 33,312 square feet of built space are retail properties, with office properties next occupying 27 percent of the space. The bulk, or 72 percent of the built space, is in Brooklyn, with Queens next at 27 percent of the space.

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