Ulgur Aydin signs $25M construction loan with Castellan for 23-unit project in Williamsburg

Ulgur Aydin through the entity Oily River Owner & Development LLC as borrower signed a new construction loan with lender Castellan Capital through the entity Creif II Ch LLC valued at $25 million for the 23-unit project at 179 North 10th Street in Williamsburg, Brooklyn.

On the lot, there is one active major alteration construction project, B00893028, for a 23-unit, 26,972 square-foot residential (R-2) building. The project was submitted by KSK LLC and filed by Hilmi Aydin with plans filed August 4, 2023 and permitted October 29, 2024.
The deal closed on April 30, 2025 and was recorded on June 10, 2025. The prior lender was Castellan Capital which held debt that had an original loan amount of $7 million.The property has 20,000 square feet of built space and 10,000 square feet of additional air rights for a total buildable of 30,000 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,250 and the price per buildable square foot is $833 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 May 18, 2023, for $13.5 million. The signatory for Ulgur Aydin was Ulgur Aydin.

The property

The office building in Williamsburg has 20,000 square feet of built space and 10,000 square feet of additional air rights for a total buildable of 30,000 square feet 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 10,000 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million. The most recent loan totaled $7 million and was provided by Castellan Capital on April 30, 2025.

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 $16,150 in ECB penalties and $16,370 in OATH penalties in the last year.

The neighborhood

In Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 4th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg has 2.5 times the average amount of major developments relative to other neighborhoods and is the 2nd highest in Brooklyn. It had 2.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 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 13 commercial properties representing 135,638 square feet of the 168,338 square feet. The largest owner is Great Point Properties, followed by Nicolas Aaron Dayan and then Bernard Jacobowitz.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 168,338 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Ulgur Aydin owned at least one commercial property in New York City with 20,000 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio has $7 million in debt, borrowed from Castellan Capital. The portfolio consists of at least a single office property. It is located in Brooklyn.

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