Tamir, Gallagher sign $13.7M refi with Greystone & Co. for new 25-unit rental in Greenpoint

Gilad Tamir and Raymond Michael Gallagher through the entity Galcon Developments LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Servicing Company LLC valued at $13.7 million for the 25-unit residential elevator building (D3) at 540 Graham Avenue in Greenpoint, Brooklyn.

On the lot, there was a new construction project, B00528655, for a 25-unit, 18,042 square-foot residential (R-2) building, submitted by Gilad Tamir with plans filed May 27, 2021 and permitted November 4, 2022.
The loan closed on November 14, 2025 and was recorded on November 25, 2025. The prior lender was Churchill Real Estate Holdings which held debt that had an original loan amount of $13.2 million.The property has 23,909 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $574 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 March 5, 2021, for $4.9 million. The signatory for Gilad Tamir and Raymond Michael Gallagher was Gilad Tamir and Raymond M. Gallagher . The signatory for Greystone & Co. was Ann Sutton .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Gilad Tamir, head officer and Michael Acosta, site manager. The business entities are Choice NY Management and Graham Corner Property Llc. The 23,909-square-foot property generated revenue of $1.1 million or $44 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 25 residential units in Greenpoint has 23,909 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 101 feet deep with a total lot size of 4,784 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.6 million.

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 seven housing violations in the last year.

The block

On this tax block, PincusCo has identified the owners of 13 of the 19 commercial properties representing 55,974 square feet of the 72,794 square feet. The largest owner is Cohabs, followed by Eden Ashourzadeh and then Elisa Kurzyna.
On the tax block, there were five new building construction projects totaling 36,249 square feet. The largest is a 25-unit, 18,042 square-foot residential (R-2) building submitted by Gilad Tamir with plans filed May 27, 2021 and permitted February 11, 2022. The second largest is a seven-unit, 4,636 square-foot residential (R-2) building submitted by Frederick Rufrano with plans filed November 20, 2017 and it has not been permitted yet.

The majority, or 80 percent of the 72,794 square feet of built space are walkup buildings, with mixed-use buildings next occupying 16 percent of the space.

The borrower

The PincusCo database currently indicates that Raymond Michael Gallagher owned at least two commercial properties with 25 residential units in New York City with 0.0 square feet and a city-determined market value of $666,000. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are G7 properties, with industrial properties next occupying 0 percent of the space.
The PincusCo database currently indicates that Gilad Tamir owned at least two commercial properties with 25 residential units in New York City with 0.0 square feet and a city-determined market value of $954,000. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 0 percent of the 0.0 square feet of built space are industrial properties, with V1 properties next occupying 0 percent of the space.

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