Samuel Teitelbaum signs $4.6M construction loan with Skybrook Capital for retail in Williamsburg

Samuel Teitelbaum through the entity Berry On The Park Holdings LLC as borrower signed a new construction loan with lender Skybrook Capital through the entity 12 Berry Williamsburg Funding L.P. valued at $4.6 million for the retail building (K1) at 12-16 Berry Street in Williamsburg, Brooklyn.
On the lot, there is a new building project, B00886932, for a 20,441 square-foot, one-story retail building submitted by Samuel Teitelbaum and filed by Samuel Teitelbaum with plans filed June 25, 2023 and permitted December 3, 2024. The likely use is for a gym.
The deal closed on April 9, 2025 and was recorded on April 23, 2025. The property has 20,442 square feet of built space and 850 square feet of additional air rights for a total buildable of 21,267 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $225 and the price per buildable square foot is $216 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 June 8, 2023, for $3.7 million. The signatory for Samuel Teitelbaum was Samuel Teitelbaum.

The property

The planned retail building in Williamsburg has 20,442 square feet of built space and 850 square feet of additional air rights for a total buildable of 21,267 square feet according to a PincusCo analysis of city data. The parcel has frontage of 225 feet and is 100 feet deep with a total lot size of 21,267 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.7 million. The most recent loan totaled $5.2 million and was provided by 12 Berry Funding Lp on June 8, 2023.

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 $6,250 in ECB penalties and $6,250 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 27, 2015.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg has 2.6 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 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.

The block

On this tax block, PincusCo has identified the owners of five of the seven commercial properties representing 88,694 square feet of the 111,563 square feet. The largest owner is Rabsky Group, followed by Goldie Reisman and then False Alarm Ltd..
On the tax block, there were four new building construction projects totaling 225,493 square feet. The largest is a 136,925 square-foot business (B) building submitted by Double U LLC and filed by Jay Weitzman with plans filed November 8, 2018 and it has not been permitted yet. The second largest is a 38,813 square-foot 56 building submitted by Double U Realty and filed by Michael Weitzman with plans filed March 7, 2024 and permitted August 23, 2024.

The majority, or 74 percent of the 111,563 square feet of built space are office buildings, with retail buildings next occupying 18 percent of the space.

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