Shmuel Schlaff signs $27M construction loan with Ponce for project in Borough Park

Shmuel S. Schlaff through the entity 4902 Spv LLC as borrower signed a new construction loan with lender Ponce Bank through the entity Ponce Bank valued at $27 million at 4902 14th Avenue in Borough Park, Brooklyn.
On this lot there was a 67,791 square-foot assembly (A-3) building submitted by Manuel Scharf with plans filed August 28, 2018 and permitted June 2, 2023.
The loan closed on March 13, 2024 and was recorded on April 8, 2024. the job number is 321384042.
The signatory for Shmuel S. Schlaff was Shmuel S. Schlaff.

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 two DOB violations, $5,000 in ECB penalties, and $5,000 in OATH penalties in the last year.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.2 million square feet of commercial built space are specialty buildings, with mixed-use buildings next occupying 21 percent of the space. In sales, Borough Park has 2 times the average sales volume among other neighborhoods with $557.6 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 970,703 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On the tax block of 1362 49th St, PincusCo has identified the owners of two of the 12 commercial properties representing 18,440 square feet of the 152,541 square feet. The two identified owners are Zalmen Management and Aron Krausz.
On the tax block, there were four new building construction projects totaling 83,379 square feet. The largest is a 67,791 square-foot assembly (A-3) building submitted by Manuel Scharf with plans filed August 28, 2018 and permitted June 2, 2023. The second largest is a eight-unit, 5,196 square-foot residential (R-2) building submitted by Martin Taub with plans filed December 23, 2020 and it has not been permitted yet.

The majority, or 40 percent of the 152,541 square feet of built space are elevator buildings, with specialty buildings next occupying 22 percent of the space.

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