Wolf Perl signs $8.1M construction loan in Bedford Stuyvesant
951 Bedford Avenue (Credit - Cyclomedia, August 11, 2023)
Wolf Perl through the entity 951 Bedford LLC as borrower signed a new construction loan with lender S3 Capital through the entity S3 RE Funding III LLC valued at $8.1 million for the 20-unit project at 949-951 Bedford Avenue in Bedford Stuyvesant, Brooklyn.
On the lot, there is one active new building construction project for a 20-unit, 15,127 square-foot residential (R-2) building. The project was submitted by Jacob Hirsch with plans filed March 10, 2022 and permitted December 7, 2023.
The deal closed on February 23, 2024 and was recorded on March 11, 2024.
The owner bought the property on December 16, 2021, for $2.1 million. The signatory for Wolf Perl was Wolf Perl. The signatory for S3 Capital was Joshua Crane.
The property
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 $1.8 million.
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 $4,800 in OATH penalties in the last year.
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 Solomon Schwimmer, followed by Robert Guttman and then Joseph Zikerman.
On the tax block, there were two new building construction projects totaling 19,607 square feet. The largest 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 second largest is a eight-unit, 4,480 square-foot residential (R-2) building submitted by Daniel Melamed with plans filed November 5, 2014 and it has not been permitted yet.
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.
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