Yidel Hirsch signs $40M construction loan with Popular Bank for 80-unit project in Greenpoint

Yidel Hirsch through the entity Franklin 33 LLC as borrower signed a new construction loan with lender Popular Bank through the entity Popular Bank valued at $40 million for the 80-unit project at 33-41 Franklin Street in Greenpoint, Brooklyn.
The deal closed on December 16, 2021 and was recorded on January 5, 2022.
Yidel Hirsch, on November 23, 2021, was given a permit for construction of an 80-unit, 54,586-square-foot mixed-use building at 33 Franklin Street in Greenpoint, Brooklyn. The plans, pre-filed on July 1, 2020, call for the construction of an 80-foot tall, seven-story mixed-use building.
Hirsch bought the property on March 27, 2020, for $18.5 million.
The signatory for Yidel Hirsch was Yidel Hirsch. The signatory for Popular Bank was Joseph Farrauto.
(321592308) Plans for an 80-unit, 54,586 square-foot R-2 were filed on July 1, 2020.

Within a 400-foot radius of 33-41 Franklin Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $2.7 million. The most recent of these two items was the permit on August 18, 2021 for a 13,810-square-foot R-2 building with six residential units at 85 Quay Street.
One of those four items was a sale which Jack Guttman and Pearl Realty Management bought the 18,320-square-foot, one-unit industrial (E1) on 29 Meserole Avenue for $8.0 million from Lucky’s Real Tomatoes on August 3, 2021.
One of those four items was a loan which Harry Einhorn borrowed $10.0 million from Israel Discount Bank secured by the 23,500-square-foot, four-unit industrial (E1) on 79 Quay Street on April 19, 2021.

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