Wolf Perl signs $10.5M refi with KeyBank for new 20-unit rental in Bedford Stuyvesant

Wolf Perl through the entity 951 Bedford LLC as borrower signed a refi loan with lender KeyBank valued at $10.5 million for the newly built 20-unit residential elevator building (D7) at 951 Bedford Avenue in Bedford Stuyvesant, Brooklyn.
The deal closed on May 23, 2025 and was recorded on May 29, 2025. The prior lender was S3 Capital which held debt that had an original loan amount of $8.1 million.The property has 18,656 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $562 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 December 16, 2021, for $2.1 million. The signatory for Wolf Perl was Wolf Perl. The signatory for KeyBank was Cynthia M. Milioto.

Prior sales and revenue

The 18,656-square-foot property generated revenue of $757,993 or $41 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 20 residential units in Bedford Stuyvesant has 18,656 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 100 feet deep with a total lot size of 4,400 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $275,000. The most recent loan totaled $8.1 million and was provided by S3 Capital on February 23, 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 $3,600 in OATH penalties in the last year.

Development

On the lot, there was one new building construction project, B00689788, for a 20-unit, 15,127 square-foot R-2 building. The project was submitted by Jacob Hirsch with plans filed March 10, 2022 and permitted December 7, 2023.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 50,902 square feet of the 53,282 square feet. The largest owner is Benjamin Niederman, followed by Carla Licavoli and then Solomon Schwimmer.
On the tax block, there was one new building construction project filed totaling 15,127 square feet. It is a 20-unit, 15,127 square-foot residential (R-2) building submitted by Jacob Hirsch with plans filed March 10, 2022 and permitted December 7, 2023.

The majority, or 100 percent of the 53,282 square feet of built space are walkup buildings, with development buildings next occupying 0 percent of the space.

The borrower

The PincusCo database currently indicates that Wolf Perl owned at least one commercial property with 20 residential units in New York City with 3,080 square feet and a city-determined market value of $1.8 million. (Market value is typically about 50% of actual value.) The portfolio has $8.1 million in debt, borrowed from S3 Capital. The portfolio consists of at least a single D7 property. It is located in Brooklyn.

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