Simon Kaufman signs $36.4M construction loan for 92-unit project in Gowanus

Simon Kaufman through the entity 159 Third Realty LLC as borrower signed a new construction loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $36.4 million for the 92-unit development site (V1) at 556 Baltic Street, also known as 159 3rd Avenue, in Gowanus, Brooklyn.
On the lot, there is an active new building project, B00678425, for a 92-unit, 68,808 square-foot residential (R-2) building submitted by Simon Kaufman and Jacob Schwimmer and filed by 159 Third Residence LLC with plans filed February 11, 2022 and permitted May 4, 2022.
The deal closed on February 26, 2025 and was recorded on March 3, 2025.
The signatory for Simon Kaufman and Jacob Schwimmer was Simon B. Kaufman.

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 $10,000 in ECB penalties in the last year.

The neighborhood

In Gowanus, The bulk, or 46 percent of the 9.2 million square feet of commercial built space are industrial buildings, with elevator buildings next occupying 19 percent of the space. In sales, Gowanus has 2.6 times the average sales volume among other neighborhoods with $677.9 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Gowanus has 2.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Brooklyn. It had 2.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 31 percent of the neighborhood’s built space. There was one 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 13 of the 15 commercial properties representing 222,831 square feet of the 229,449 square feet. The largest owner is Gowanus Cubes, followed by Storage Deluxe and then Miriam Chan.

The majority, or 59 percent of the 229,449 square feet of built space are industrial buildings, with elevator buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Jacob Schwimmer owned at least 20 commercial properties with 1,354 residential units in New York City with 900,444 square feet and a city-determined market value of $145.5 million. (Market value is typically about 50% of actual value.) The portfolio has $952.5 million in debt, with top three lenders as MF1 Capital, Kennedy Wilson, and Valley National Bank respectively. Within the portfolio, the bulk, or 43 percent of the 900,444 square feet of built space are office properties, with elevator properties next occupying 40 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Bronx next at 37 percent of the space.
The PincusCo database currently indicates that Simon Kaufman owned at least 18 commercial properties with 528 residential units in New York City with 462,236 square feet and a city-determined market value of $32.1 million. (Market value is typically about 50% of actual value.) The portfolio has $464.1 million in debt, with top three lenders as Greystone & Co., SCALE Lending, and BridgeCity Capital respectively. Within the portfolio, the bulk, or 79 percent of the 462,236 square feet of built space are elevator properties, with walkup properties next occupying 21 percent of the space. The bulk, or 58 percent of the built space, is in Bronx, with Brooklyn next at 27 percent of the space.

Direct link to Acris document. link