Westbridge, Lefkowitz, Weinberger sign $6.3M construction loan with IceCap for 24-unit project in Brownsville

Westbridge Realty Group, Zev Lefkowitz and Israel Weinberger through the entity 926 SZ LLC as borrower signed a new construction loan with lender IceCap Group through the entity Ice Lender Holdings LLC valued at $6.3 million for the 24-unit development at 926 Mother Gaston Boulevard in Brownsville, Brooklyn.
On the lot, there is one active new building construction project, B01189780, for a 24-unit, 18,300 square-foot R-2 building. The project was submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 10, 2025 and it has not been permitted yet.
The deal closed on May 15, 2025 and was recorded on May 27, 2025. The property has 2,915 square feet of built space and 4,380 square feet of additional air rights for a total buildable of 7,290 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,161 and the price per buildable square foot is $864 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 November 3, 2017, for $925,000. The signatory for Westbridge Realty Group, Zev Lefkowitz and Israel Weinberger was Zev Lefkowitz and Israel Weinberger.

Prior sales and revenue

The 2,915-square-foot property generated revenue of $99,547 or $34 per square foot, according to the most recent income and expense figures.

The property

The retail building in Brownsville has 2,915 square feet of built space and 4,380 square feet of additional air rights for a total buildable of 7,290 square feet according to a PincusCo analysis of city data. The parcel has frontage of 55 feet and is 100 feet deep with a total lot size of 3,000 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 $391,000.

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 not received any significant violations in the last year.

The neighborhood

In Brownsville, The bulk, or 46 percent of the 28.6 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Brownsville has had very little sales volume relative to other neighborhoods with $175.3 million in sales volume in the last two years. For development, Brownsville has 1.5 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Brooklyn. It had 1.8 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.

The block

On this tax block, PincusCo has identified the owners of one of the four commercial properties representing 36,142 square feet of the 43,809 square feet. The identified owner is Camba House Ventures.
On the tax block, there was one new building construction project filed totaling 18,300 square feet. It is a 24-unit, 18,300 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 10, 2025 and it has not been permitted yet.

The majority, or 82 percent of the 43,809 square feet of built space are elevator buildings, with mixed-use buildings next occupying 11 percent of the space.

The borrower

The PincusCo database currently indicates that Israel Weinberger owned at least 12 commercial properties with 372 residential units in New York City with 343,821 square feet and a city-determined market value of $29.9 million. (Market value is typically about 50% of actual value.) The portfolio has $65.4 million in debt, borrowed from New York Community Bank and Signature Bank. Within the portfolio, the bulk, or 48 percent of the 343,821 square feet of built space are walkup properties, with elevator properties next occupying 45 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Brooklyn next at 31 percent of the space.
The PincusCo database currently indicates that Zev Lefkowitz owned at least one commercial property with 23 residential units in New York City with 0.0 square feet and a city-determined market value of $209,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

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