Vadem Brodsky signs $7.2M loan with Lancewood Capital for new dev in Brooklyn Heights

Vadem Brodsky through the entity 297 Ventures LLC as borrower signed a loan with lender Lancewood Capital, LLC valued at $7.2 million for the development project at 297 Hicks Street in Brooklyn Heights, Brooklyn.
On the tax block, there were three new building construction projects totaling 10,655 square feet. The largest is a one-unit, 3,617 square-foot residential (R-3) building submitted by Dia Onizawa with plans filed February 4, 2014 and permitted March 29, 2023. The second largest is a one-unit, 3,519 square-foot residential (R-3) building submitted by Dia Onizawa with plans filed February 4, 2014 and permitted May 11, 2023.
The deal closed on August 3, 2023 and was recorded on August 14, 2023.
The owner bought the parcels on June 21, 2021, for $8.2 million.

The prior loan totaled $8.1 million and was provided by S3 Capital on June 21, 2021.

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 not received any significant violations in the last year.

Development

On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 7,136 square feet. The largest is a new building project for a one-unit, 3,617 square-foot R-3 building submitted by Dia Onizawa with plans filed February 4, 2014 and permitted March 29, 2023. The second largest is a new building project for a one-unit, 3,519 square-foot R-3 building submitted by Dia Onizawa with plans filed February 4, 2014 and permitted September 26, 2019.

The neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 1.7 times the average sales volume among other neighborhoods with $599.4 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 359,817 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 10 commercial properties representing 40,261 square feet of the 40,261 square feet. The largest owner is Dorothea Geraci, followed by Eugene Mccardle and then Jawad Azzouni.

The majority, or 100 percent of the 40,261 square feet of built space are walkup buildings, with industrial buildings next occupying 0 percent of the space.

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