Yossel Lichtman signs $56M refi with Valley for new 90-unit rental in Flatbush

Yossel Lichtman, who also uses the name Joseph Lichtman, through the entity 425 Coney Island Realty LLC as borrower signed a refi loan with lender Valley National Bank valued at $56 million for the newly constructed 90-unit residential elevator building (D6) at 435 Coney Island Avenue in Flatbush, Brooklyn.
The deal closed on August 27, 2025 and was recorded on September 5, 2025. The prior lender was Valley National Bank which held debt that had an original loan amount of $50 million. The property has 110,375 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $507 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 December 16, 2019, for $16 million. The signatory for Yossel Lichtman was Joseph Lichtman. The signatory for Valley National Bank was Jeffrey Puchin .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Joel Grunwald, head officer and Abraham Pollack, site manager. The business entities are Joyland Management and 425 Coney Island Realty Inc.

The property

The residential elevator building with 90 residential units in Flatbush has 110,375 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 105 feet deep with a total lot size of 21,390 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.1 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 $900 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00648659, for a 90-unit, 88,979 square-foot R-2 building. The project was submitted by Yossel Lichtman Lichtman with plans filed January 13, 2022 and permitted July 25, 2023.

The block

On this tax block, PincusCo has identified the owners of seven of the 12 commercial properties representing 63,712 square feet of the 81,999 square feet. The largest owner is Parkway Realty Associates, followed by Yossel Lichtman and then Nur Hoque.
On the tax block, there was one new building construction project filed totaling 88,979 square feet. It is a 90-unit, 88,979 square-foot residential (R-2) building submitted by Yossel Lichtman Lichtman with plans filed January 13, 2022 and permitted April 20, 2023.

The majority, or 49 percent of the 81,999 square feet of built space are walkup buildings, with mixed-use buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Yossel Lichtman owned at least 37 commercial properties with 483 residential units in New York City with 233,160 square feet and a city-determined market value of $50.6 million. (Market value is typically about 50% of actual value.) The portfolio has $202.3 million in debt, with top three lenders as Valley National Bank, Popular Bank, and Bank of Princeton respectively. Within the portfolio, the bulk, or 74 percent of the 233,160 square feet of built space are walkup properties, with elevator properties next occupying 10 percent of the space. The bulk, or 95 percent of the built space, is in Brooklyn, with Queens next at 5 percent of the space.

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