Talmudical Seminary of Bobov signs $23M construction loan with Ponce Bank for project in Borough Park

Talmudical Seminary of Bobov through the entity Tsob 5782 LLC as borrower signed a new construction loan with lender Ponce Bank valued at $23 million for the office building (O9) at 3710 15th Avenue in Borough Park, Brooklyn.

On the lot, there is one active new building construction project, B00953932, for a 45,718 square-foot commercial building. The project was submitted by Joseph Deutsch and filed by Joseph Deutsch with plans filed November 20, 2023 and permitted August 23, 2024.

The deal closed on November 25, 2025 and was recorded on December 9, 2025. The prior lender was CS General which held debt that had an original loan amount of $5.8 million.The property has 55,790 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $412 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 owner bought the property on April 21, 2023, for $3 million. The signatory for Talmudical Seminary of Bobov was Herman Reinhold. The signatory for Ponce Bank was Steven A. Tsavaris_Ai.

Prior sales and revenue

The 55,790-square-foot property generated revenue of $1.3 million or $24 per square foot, according to the most recent income and expense figures.

The property

The office 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.

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 $5,030 in ECB penalties and $5,470 in OATH penalties in the last year.

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 2.9 times the average sales volume among other neighborhoods with $883.1 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Borough Park has had very little major development activity relative to other neighborhoods.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 office 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 Livian Drew, followed by Talmudical Seminary Of Bobov and then Chevras Bnei Yehoshua.
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 majority, or 57 percent of the 107,328 square feet of built space are office buildings, with specialty buildings next occupying 18 percent of the space.

The borrower

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.

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