Watermark Capital signs $15M refi with Citibank for 54-unit building in Bushwick

Watermark Capital Group through the entity Three Thirty M LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $15 million for the 54-unit building at 330 Melrose Street in Bushwick, Brooklyn.
The deal closed on July 30, 2025 and was recorded on August 7, 2025. The prior lender was BridgeCity Capital which held debt that had an original loan amount of $9.5 million. The property has 17,398 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $862 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 15, 2024, for $5.5 million. The signatory for Watermark Capital Group was Meir D. Tabak . The signatory for Citibank was Jonathan Misher .

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Tom Rosenberg, head officer. The business entity is Three Thirty M Llc.

The property

The industrial building in Bushwick has 13,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,000 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.9 million. The most recent loan totaled $9.5 million and was provided by BridgeCity Capital on May 15, 2024.

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 one housing violation and $2,600 in OATH penalties in the last year.

The neighborhood

In Bushwick, The bulk, or 44 percent of the 33.6 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 18 percent of the space. In sales, Bushwick has 2 times the average sales volume among other neighborhoods with $535.6 million in sales volume in the last two years and is the 12th highest in Brooklyn. For development, Bushwick has had very little major development activity relative to other neighborhoods.It had 1 million 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. There was one pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 22 of the 40 commercial properties representing 110,000 square feet of the 178,586 square feet. The largest owner is Watermark Capital Group, followed by Graph Group and then Devorah Lefkowitz.
On the tax block, there were four new building construction projects totaling 21,896 square feet. The largest is a eight-unit, 6,532 square-foot residential (R-2) building submitted by Lisa Parvin with plans filed August 20, 2015 and permitted May 22, 2018. The second largest is a seven-unit, 5,500 square-foot residential (R-2) building submitted by Katherine Garcia with plans filed November 7, 2018 and it has not been permitted yet.

The majority, or 69 percent of the 178,586 square feet of built space are walkup buildings, with mixed-use buildings next occupying 24 percent of the space.

The borrower

The PincusCo database currently indicates that Watermark Capital Group owned at least 142 commercial properties with 1,563 residential units in New York City with 1,684,851 square feet and a city-determined market value of $330.8 million. (Market value is typically about 50% of actual value.) The portfolio has $323.3 million in debt, with top three lenders as Slate Property Group, BridgeCity Capital, and QuadReal Property Group respectively. Within the portfolio, the bulk, or 49 percent of the 1,684,851 square feet of built space are walkup properties, with elevator properties next occupying 15 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Queens next at 6 percent of the space.

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