Updated Jun 15, 2026
Mendel Berkowitz And David Tabak Secure $23.5 Million Loan From Valley National Bank For Brooklyn Project
159 Broadway
$23,500,000
Units
99
Asset Type
Development Site
Closing
May 5, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 159 Broadway in Williamsburg, Brooklyn. The asset has a building square footage of 97,166 and has been secured for a construction loan amounting to $23,500,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $23,500,000
- Address: 159 Broadway
- Market: Brooklyn
- Lender: Valley National Bank
- Landlord: Mendel Berkowitz - Borough Developers & David Tabak
- Loan Type: Construction
David Tabak, accompanied by Borough Developers, has arranged the construction loan with Valley National Bank to support the planned development of a 99-unit residential project on the site. This transaction is pivotal for the ongoing development plans in the area, showcasing the collaboration between the individuals and the bank involved in this substantial financial commitment.
On the Map
$23,500,000
Development Site
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Players
Brooklyn Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93