Talmudical Seminary of Bobov approved for $23M construction loan in Borough Park

The New York State Attorney General approved an application by the Talmudical Seminary of Bobov through the entity TSOB 5782 LLC, to borrow $23 million from Ponce Bank for the construction of a three-story, 45,718 square-foot seminary and office building at 3710 15th Avenue in Borough Park, Brooklyn. The approval document was dated September 8, 2025. The loan has not appeared in Acris as of story publication.
The construction plan for the project was filed with the New York City Department of Buildings on November 20, 2023, under job number B00953932 and was permitted on August 23, 2024. It calls for the construction of a three-story building with a mezzanine floor.
ZD1 DOB Zoning Diagram_3710 15th Avenue

NYS Attorney General approval for Talmudical Seminary of Bobov

According to the approval document from the Attorney General, “The proceeds will be used for the following purposes: (a) $2,541,500 held in reserve by Ponce Bank for interest carrying costs during construction period; (b) $6,240,000 to payoff existing mortgage with CS General Tenth LLC; (c) $800,000 to payoff existing note with Khal Ichud Chasidim; (d) $340,000 plus accruing interest to payoff existing note with Labe Twerski… The balance of mortgage proceeds estimated to be $13,393,500 shall be used to complete the construction of the Property.”

This is one of at least two buildings the Talmudical Seminary of Bobov is constructing in Borough Park. The other is a 47,992 square-foot educational building at 1221 52nd Street with plans filed in April 2023 through the job B00845709.

ZD1 DOB Zoning Diagram_1221 52nd Street

The property

The industrial building in Borough Park has 55,790 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 11,486 square feet. The lot is irregular. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $314,000. The most recent loan totaled $6 million and was provided by CS General on April 21, 2023.

Prior sales and revenue

This property was sold by Sonnia Torres for $3 million to Talmudical Seminary of Bobov on April 21, 2023.

Development

Joseph Deutsch of Joseph Deutsch submitted a new building construction project for a 45,718 square-foot 56 building at 3710 15 Avenue. The plan was filed on November 20, 2023 and was permitted on August 23, 2024. It calls for the construction of a 58-foot tall, four-story building and was filed with the New York City Department of Buildings under job number B00953932. The architect is S. Wieder Architect P.C. The project is described in the filing as: accepted in consultation meeting on 10/31- proposed 4 story community facility/commercial building (college & commercial office).

Violations and lawsuits

According to city public data, the property has received $5,030 in ECB penalties and $5,470 in OATH penalties in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Borough Park, The bulk, or 25 percent of the 23.3 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 near average sales volume among other neighborhoods with $751.3 million in sales volume in the last two years and is the 6th highest in Brooklyn. For development, Borough Park has near average amount of major developments among other neighborhoods and is the 16th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 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 eight of the 19 commercial properties representing 38,228 square feet of the 107,328 square feet. The largest owner is Chevras Bnei Yehoshua, followed by Livian Drew and then Talmudical Seminary Of Bobov. On the tax block, there was one new building construction project filed totaling 45,718 square feet. It is a 45,718 square-foot 56 building submitted by Joseph Deutsch and filed by Joseph Deutsch with plans filed November 20, 2023 and permitted August 23, 2024.

The owner

The PincusCo database currently indicates that Talmudical Seminary Of Bobov owned at least three commercial properties in New York City with 2,500 square feet and a city-determined market value of $945,720. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are industrial properties. They are all located in Brooklyn.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 3706 15 Avenue in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.