WRS Associates signs $17M refi with Chase for 48-unit rental in Carroll Gardens

Billy Stein’s WRS Associates through the entity 360 Boom LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $17 million for the 48-unit residential elevator building (D6) at 358-360 Smith Street in Carroll Gardens, Brooklyn.
The deal closed on December 11, 2025 and was recorded on December 18, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $18.5 million.The property has 65,203 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $260 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 August 14, 2009, for $3.8 million. The signatory for WRS Associates was an attorney, Robert Gershon . The signatory for JPMorgan Chase was Ursula Flores . William R. Billy Stein leads WRS Associates.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Robert Gershon, head officer and Kostas Georgiadis, site manager. The business entity is 360 Boom Llc. The 65,203-square-foot property generated revenue of $3 million or $45 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 48 residential units in Carroll Gardens has 65,203 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 82 feet and is 114 feet deep with a total lot size of 9,402 square feet. The lot is irregular. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $17.2 million. The property has 48 rent regulated units according to city tax records from 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 $2,350 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 10, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 88,406 square feet of the 171,888 square feet. The largest owner is C. Gershon Company, followed by Mark Scotto and then Margaret Ragosta.
There are no active new building construction projects on this tax block.

The majority, or 38 percent of the 171,888 square feet of built space are elevator buildings, with walkup buildings next occupying 33 percent of the space.

Direct link to Acris document. link