Shia Unsdorfer signs $19.6M construction loan with S3 Capital for 32 units in South Slope

Shia Unsdorfer through the entity 222 16th St LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 Re 222 16th Funding LLC valued at $19.6 million for 32-unit development site at 2202 16th Street in South Slope, Brooklyn.

On the lot, there is one active new building construction project, B00989327, for a 32-unit, 35,195 square-foot R-2 building. The project was submitted by Shia Unsdorfer and filed by Shia Unsdorfer with plans filed April 8, 2024 and permitted April 25, 2025.
The deal closed on May 15, 2025 and was recorded on May 29, 2025. The prior lender was First Central Savings Bank which held debt that had an original loan amount of $4.7 million.The property has a total buildable of 37,360 square feet according to a PincusCo analysis of city data. The loan price per buildable square foot is $524 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 Shia Unsdorfer was Shia Unsdorfer. The signatory for S3 Capital was Joshua Crane .

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 $3,500 in ECB penalties and $5,800 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of 14 of the 30 commercial properties representing 69,655 square feet of the 149,152 square feet. The largest owner is John Scarpinito, followed by Angelo Rigas and then Hyman Schattner.
On the tax block, there were three new building construction projects totaling 181,239 square feet. The largest is a 147-unit, 140,420 square-foot residential (R-2) building submitted by George Rigas and filed by George Rigas with plans filed January 27, 2022 and permitted April 22, 2022. The second largest is a 32-unit, 35,195 square-foot residential (R-2) building submitted by Shia Unsdorfer and filed by Shia Unsdorfer with plans filed April 8, 2024 and permitted April 25, 2025.

The majority, or 34 percent of the 149,152 square feet of built space are elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Shia Unsdorfer owned at least one commercial property with 16 residential units in New York City with 12,495 square feet and a city-determined market value of $712,000. (Market value is typically about 50% of actual value.) The portfolio has $11.6 million in debt, borrowed from Ponce Bank. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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