Yoel Hershkowitch signs $72.5M construction loan with Bridge City 123-unit project in Williamsburg

Yoel Hershkowitch through the entity 420 Metro LLC as borrower signed a new construction loan with lender Bridge City Funding through the entity Bridgecity Hilltop LLC valued at $72.5 million for the mixed-use building at 416 Metropolitan Avenue in Williamsburg, Brooklyn.
The deal closed on December 30, 2021 and was recorded on January 19, 2022. The prior lender was Bridge City Funding which held debt that had an original loan amount of $31.7 million.
(321592718) Plans for a 123-unit, 97,915 square-foot R-2 were filed on August 11, 2020.
The owner bought the property on August 25, 2020, for $19 million.
The signatory for Yoel Hershkowitch was Yoel Hershkowitch.

In Williamsburg, the bulk, or 35 percent of the 65.1 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 19 percent of the space. In sales, Williamsburg has the 9th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Williamsburg is the 6th most active neighborhood among other neighborhoods. It had 5.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There were seven pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 57 percent of the 211,143 square feet of built space are residential elevator buildings, with mixed-use buildings next occupying 29 percent of the space.

Within a 400-foot radius of 416 Metropolitan Avenue, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $886,716 and one permit with a total initial cost of $2.5 million. The most recent of these two items was the filing on December 17, 2021 for a 9,037-square-foot R-2 building with six residential units at 66 Hope Street.
One of those five items was a sale which Marimo Co., Ltd. bought the 5,500-square-foot, eight-unit rental (C1) on 69 Havemeyer Street for $5.8 million from Joseph Sutton and Wharton Properties on January 22, 2020.
Of those five items, two were loans above $5 million totaling $39.5 million. The most recent of the two was Paul Henry which borrowed $5.1 million from Signature Bank secured by the 4,854-square-foot, three-unit mixed-use building (S2) on 20 Marcy Avenue and two other properties on February 2, 2021.

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