Samuel Teitelbaum signs $36.5M construction loan with S3 Capital for development in Astoria

Samuel Teitelbaum through the entity 30-11 12th Street Realty LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re 30-11 12th Street Funding LLC valued at $36.5 million for the 124-unit development building at 30-11 12th Street in Astoria, Queens.

On the lot, there is one active new building construction project, Q01242193, for a 124-unit, 94,474 square-foot residential (R-2) building. The project was submitted by Samuel Teitelbaum with plans filed June 24, 2025 and it has not been permitted yet.
The deal closed on March 27, 2026 and was recorded on April 27, 2026. The loan price per planned development square foot is $386 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 15, 2010, for $2.3 million. The signatory for Samuel Teitelbaum was Samuel Teitelbaum.

The property

The parcel has frontage of 199 feet and is 100 feet deep with a total lot size of 17,350 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.9 million. S3 Capital on March 27, 2026 bought a loan with an original principal of price not available from prior lender signed by prior lender signatory, secured by 30-11 12th Street, when owned by Samuel Teitelbaum .

Transaction Participants

Adam J. Feit at The Feit Law Firm PLLC participated in the transaction on behalf of the lender.

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 $1,250 in ECB penalties and $2,610 in OATH penalties in the last year.

The neighborhood

In Astoria, The bulk, or 36 percent of the 40.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 31 percent of the space. In sales, Astoria has 2.5 times the average sales volume among other neighborhoods with $853.3 million in sales volume in the last two years and is the 2nd highest in Queens. For development, Astoria has 1.4 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Queens. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There were 29 pre-foreclosure suit filed among other development buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 49,830 square feet of the 75,912 square feet. The largest owner is Fozan Pirzada, followed by Michael Mayer and then Anand Jailall.
On the tax block, there were two new building construction projects totaling 109,276 square feet. The largest is a 124-unit, 94,474 square-foot residential (R-2) building submitted by Samuel Teitelbaum and filed by Samuel Teitelbaum with plans filed June 24, 2025 and it has not been permitted yet. The second largest is a 15-unit, 14,802 square-foot residential (R-2) building submitted by Michael Tsoumpas with plans filed March 27, 2020 and permitted July 19, 2022.

The majority, or 63 percent of the 75,912 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Samuel Teitelbaum owned at least two commercial properties with two residential units in New York City with 8,626 square feet and a PincusCo-determined asset value of $16.4 million. The portfolio has $10.7 million in debt, borrowed from Starwood Mortgage Capital and Skybrook Capital. Within the portfolio, all identified are mixed-use properties.

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