Updated Dec 15, 2025
Koby Telyas & Idan Shitrit Secure $60.7M Loan From OakNorth Bank For Greenpoint Development
19 Clay Street & 29 Clay Street
$60,700,000
$2,167/SF
Building Size
14,000 SF
Asset Type
Development Site
Closing
Dec 15, 2025
About this deal
AI
The asset involved in the transaction is a development site located at 19 Clay Street & 29 Clay Street in Greenpoint, Brooklyn. The site has a total square footage of 14,000 and is designed for a mixed-use project that includes residential and retail components.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $60,700,000
- Lender: OakNorth Bank
- Landlord: Koby Telyas & Idan Shitrit - Investmates Real Estate & Development
- Loan Type: Construction
- Market: Greenpoint, Brooklyn
- Additional Development Details: Part of an $81M construction loan from S3 Capital for a 68-unit condo including 14,000 sq ft of ground-floor retail and amenities like a rooftop, fitness center, and outdoor spaces.
The key individuals involved in the transaction are Koby Telyas and Idan Shitrit, representing Investmates Real Estate & Development. They are responsible for the development project at the specified address, working alongside OakNorth Bank, which provided the significant construction loan to support the initiative.
On the Map
$60,700,000
$2,167/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93