Yaakov Gold signs $57.2M construction loan with Invictus Real Estate for 57-unit project in Crown Heights

Yaakov Gold through the entity 1730 Bedford Owner LLC as borrower signed a new construction loan with lender Invictus Real Estate Partners through the entity Invictus Bedford Funder LLC valued at $57.2 million for the 57-unit development (V0) at 1730 Bedford Avenue in Crown Heights, Brooklyn.
The deal closed on June 30, 2023 and was recorded on July 12, 2023.
The signatory for Yaakov Gold was Yaakov Gold. Yaakov Gold through the name Jack Gold filed plans for a 57-unit building.

Prior sales and revenue

The 25,000-square-foot property generated revenue of $657,038 or $26 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 200 feet and is 140 feet deep with a total lot size of 28,000 square feet. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3.4 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 $26,280 in ECB penalties and $32,630 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project for a 57-unit, 134,391 square-foot R-2 building. The project was submitted by Seventh Street Development Group and filed by Jack Gold with plans filed November 9, 2021 and permitted January 5, 2023.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 1.6 times the average sales volume among other neighborhoods with $560 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Crown Heights has 2.9 times the average amount of major developments relative to other neighborhoods and is the 6th highest in Brooklyn. It had 3 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 two of the 12 commercial properties representing 85,579 square feet of the 153,014 square feet. The two identified owners are E&M Associates and Alex Adjmi.
On the tax block, there was one new building construction project filed totaling 134,391 square feet. It is a 57-unit, 134,391 square-foot residential (R-2) building submitted by Seventh Street Development Group and filed by Jack Gold with plans filed November 9, 2021 and permitted January 5, 2023.

The majority, or 40 percent of the 153,014 square feet of built space are industrial buildings, with elevator buildings next occupying 31 percent of the space.

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