Samuel Landau signs $17.4M construction loan for 52-unit project in Flatbush

Samuel Landau through the entity 1341-1351 Flatbush LLC as borrower signed a new construction loan with lender Kearny Bank valued at $17.4 million for a 52-unit project at 1341 Flatbush Avenue in Flatbush, Brooklyn.
The deal closed on November 23, 2022 and was recorded on December 7, 2022. The prior lender was First Central Savings Bank which held debt that had an original loan amount of $5.6 million.

On these lots, there is one active new building construction project for a 52-unit, 45,794 square-foot R-2 building. The project was developed by Samuel Landau with plans filed June 8, 2021.

The loan signatory for Samuel Landau was Samuel Landau. The signatory for Kearny Bank was Jonathan Atkinson.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received $34,930 in ECB penalties and $34,930 in OATH penalties in the last year.

The neighborhood

In Flatbush, the majority, or 55 percent of the 37.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Flatbush has near average sales volume among other neighborhoods with $370.6 million in sales volume in the last two years and is the 18th highest in Brooklyn. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block of 1341 Flatbush Avenue, PincusCo has identified the owners of 12 of the 16 commercial properties representing 53,194 square feet of the 85,104 square feet. The largest owner is Samuel Landau, followed by Hello Living and then Sadik Mann.
On the tax block, there were two new building construction projects totaling 75,552 square feet. The largest is a 36-unit, 29,758-square-foot R-2 building developed by _Eli _Karp with plans filed April 29, 2008 and permitted January 26, 2017. The second largest is a 52-unit, 45,794-square-foot R-2 building developed by Samuel Landau with plans filed June 8, 2021 and permitted May 24, 2022.

The majority, or 35 percent of the 85,104 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that Samuel Landau owned at least 22 commercial properties in New York City with 104,571 square feet and a city-determined market value of $23 million. (Market value is typically about 50% of actual value.) The portfolio has $22 million in debt, with top three lenders as Popular Bank, First Central Savings Bank, and Hanover Community Bank respectively. Within the portfolio, the bulk, or 83 percent of the 104,571 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. They are all located in Brooklyn.

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