Yitzchok Katz signs $67M refi with Affinius for residential elevator in Fort Greene

Yitzchok Katz of Goose Property Management through the entity 570 Fulton St LLC as borrower signed a refi loan with lender Affinius Capital through the entity SM Finance III LLC valued at $67 million for the 163-unit residential elevator building (D7) at 570 Fulton Street in Fort Greene, Brooklyn. The total amount of the financing was $80 million, but just $67 million was recorded in property records.
The deal closed on May 14, 2025 and was recorded on May 20, 2025. The prior lender was Slate Property Group which held debt that had an original loan amount of $67 million. The property has 135,858 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $493 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 February 2, 2023, for $24.1 million. The signatory for Yitzchok Katz was Yitzchok Katz. The signatory for Affinius Capital was Beth Newman.

The property

The residential elevator building with 163 residential units in Fort Greene has 135,858 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 86 feet deep with a total lot size of 7,192 square feet. The lot is irregular. The zoning is C6-9 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million. The most recent loan totaled $54.6 million and was provided by Slate Property Group on February 2, 2023.

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 one DOB violation, $22,500 in ECB penalties, and $26,750 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00564411, for a 123-unit, 199,736 square-foot R-2 building. The project was submitted by David Companies and filed by Stephen Skolas with plans filed August 30, 2021 and permitted July 20, 2023.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 302,711 square feet of the 350,015 square feet. The largest owner is Quinlan Development Group, followed by Alfred Attara and then Yitzchok Katz.
On the tax block, there were two new building construction projects totaling 342,478 square feet. The largest is a 123-unit, 199,736 square-foot residential (R-2) building submitted by David Companies and filed by Stephen Skolas with plans filed August 30, 2021 and permitted April 7, 2022. The second largest is a 183-unit, 142,742 square-foot residential (R-2) building submitted by Slate Property Group and filed by David Schwartz with plans filed October 16, 2014 and permitted January 8, 2016.

The majority, or 88 percent of the 350,015 square feet of built space are office buildings, with development buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Yitzchok Katz owned at least 16 commercial properties with 519 residential units in New York City with 192,232 square feet and a city-determined market value of $27 million. (Market value is typically about 50% of actual value.) The portfolio has $301.5 million in debt, with top three lenders as Affinius Capital, G4 Capital Partners, and Slate Property Group respectively. Within the portfolio, the bulk, or 69 percent of the 192,232 square feet of built space are elevator properties, with development properties next occupying 14 percent of the space. The bulk, or 59 percent of the built space, is in Brooklyn, with Queens next at 41 percent of the space.

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