Smith & Henzy Affordable signs $58.1M rehab construction loan for affordable in Bedford Stuyvesant

Smith & Henzy Affordable Group through the entity 1711 Fulton Redevelopment, LLC as borrower signed a rehab construction loan with lender NYS Housing Finance Agency through the entity New York State Housing Finance Agency valued at $58.1 million for the 287-unit residential elevator building (D1) at 88-132 Chauncey Street in Bedford Stuyvesant, Brooklyn.
The deal closed on August 7, 2025 and was recorded on August 26, 2025. The prior lender was NYS Housing Finance Agency which held debt that had an original loan amount of $70.8 million.The property has 277,200 square feet of built space and 130,650 square feet of additional air rights for a total buildable of 407,025 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $209 and the price per buildable square foot is $142 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 Smith & Henzy Affordable Group was Timothy Henzy . The signatory for NYS Housing Finance Agency was Russell Hubley .

The property

The residential elevator building with 287 residential units in Bedford Stuyvesant has 277,200 square feet of built space and 130,650 square feet of additional air rights for a total buildable of 407,025 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 167,500 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $33.3 million. NYS Housing Finance Agency on June 24, 2025 bought a loan with an original principal of 70799745.0 from NYS Housing Finance Agency signed by Timothy Henzy, secured by 88-132 Chauncey Street, when owned by Smith & Henzy Affordable Group.

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 two DOB violations, 172 housing violations, $2,275 in OATH penalties, and three housing litigations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the nine commercial properties representing 287,064 square feet of the 287,064 square feet. The largest owner is Smith & Henzy Affordable Group, followed by Joan Sanderman and then Tom Michael.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 287,064 square feet of built space are elevator buildings, with walkup buildings next occupying 3 percent of the space.

The borrower

The PincusCo database currently indicates that Smith & Henzy Affordable Group owned at least one commercial property with 287 residential units in New York City with 277,200 square feet and a city-determined market value of $33.8 million. (Market value is typically about 50% of actual value.) The portfolio has $70.8 million in debt, borrowed from NYS Housing Finance Agency. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

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