Royal Builders signs $34.5M construction loan for two projects in Sheepshead Bay

Royal Builders through the entity 1505 Emmons Living LLC as borrower signed a new construction loan with lender Fairbridge Asset Management through the entity Fairbridge Credit LLC valued at $34.5 million for two new development projects, a 51-unit project at 1505 Emmons Avenue and an eight-story community facility building next door, with the address 1517 Emmons Avenue, both in Sheepshead Bay.

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 83,155 square feet. The largest, B00969850, is a new building project for a 51-unit, 50,808 square-foot residential (R-2) building submitted by Royal Builders and filed by Menachem Markovics with plans filed December 21, 2023 and permitted December 10, 2024. The second largest, B01096496, is a new building project for a 32,347 square-foot community facility building submitted by Royal Builders and filed by Menachem Markovics with plans filed August 21, 2024 and permitted December 9, 2024.
The loan closed on December 31, 2025 and was recorded on January 21, 2026.
The signatory for Royal Builders was Menachem Markovics .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1515 Emmons Avenue.

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 $3,780 in ECB penalties and $3,860 in OATH penalties in the last year.

The block

On the tax block of 1515 Emmons Avenue, PincusCo has identified the owners of three of the 10 commercial properties representing 13,600 square feet of the 38,116 square feet. The largest owner is Nesimi Fidaige, followed by Ramagaqaj and then Sandro Agostino.
On the tax block, there were four new building construction projects totaling 120,196 square feet. The largest is a 54-unit, 50,808 square-foot residential (R-2) building submitted by Royal Builders and filed by Menachem Markovics with plans filed December 21, 2023 and permitted December 10, 2024. The second largest is a 48-unit, 32,571 square-foot residential (R-2) building submitted by Agam Development and filed by Gabby Sakaff with plans filed June 7, 2021 and it has not been permitted yet.

The majority, or 95 percent of the 38,116 square feet of built space are walkup buildings, with specialty buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Royal Builders owned at least five commercial properties with 23 residential units in New York City with 25,873 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) The portfolio has $16.7 million in debt, borrowed from Investors Bank and Cross River Bank. Within the portfolio, the bulk, or 74 percent of the 25,873 square feet of built space are D1 properties, with M1 properties next occupying 26 percent of the space. They are all located in Brooklyn.

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