{"id":246070,"date":"2026-05-28T06:32:14","date_gmt":"2026-05-28T06:32:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/246070\/"},"modified":"2026-05-28T06:32:14","modified_gmt":"2026-05-28T06:32:14","slug":"bridge-city-capital-provides-21m-loan-for-greenpoint-dev-site-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/246070\/","title":{"rendered":"Bridge City Capital Provides $21M Loan for Greenpoint Dev Site \u2013 Commercial Observer"},"content":{"rendered":"

Developer Yossel Lichtman of Rogers Builders & Development<\/a> has secured a $21 million acquisition and construction loan to finance his recent purchase of a parking lot in Greenpoint, Brooklyn, Commercial Observer has learned.<\/p>\n

Bridge City Capital<\/a> provided the financing, which came with a 12-month term plus extension options.\u00a0<\/p>\n

SEE ALSO: SL Green Sells 49% Stake in 346 Madison Avenue to Mori Building Co.<\/a><\/p>\n

The parcel, which is at 72 West Street and contains an obsolete water tower, sold to Lichtman last week for $25.56 million. Bridge City Capital\u2019s financing represents an 80 percent loan-to-value ratio \u2013\u2013 construction deals with an 80 to 85 percent loan-to-value ratio are becoming more common<\/a> as developers face increasing challenges in raising equity.\u00a0<\/p>\n

Lichtman plans to build a 99-unit, mixed-use project containing multifamily units on the lot, according to IPRG<\/a> Managing Partner Donal Flaherty, who represented both parties in the property transaction alongside Luke Sproviero. A citywide surge of 99-unit buildings<\/a>, developed under the 485x tax abatement program, skirt the program\u2019s wage requirement for new construction.\u00a0<\/p>\n

The site\u2019s zoning offers 54,375 buildable square feet as-of-right, or 70,687 square feet if Lichtman chooses to tap into the city\u2019s Universal Affordability Preference program.\u00a0<\/p>\n

The irregular parcel, measuring 74 feet by 200 feet, was recently subdivided by its seller, prominent local landlord Jack Guttman of Pearl Realty Management<\/a>. It was once joined to the neighboring tax lot at 60 West Street, where Guttman plans to transform a seven-story warehouse into offices, Crain\u2019s New York Business reported<\/a>.\u00a0<\/p>\n

The recent sale of 72 West Street follows Guttman\u2019s November sale of 50 Greenpoint Avenue one street away for $130 million<\/a>. The landlord also sold the adjacent waterfront sites at 43-57 West Street and 2-24 Oak Street<\/a> for $175 million in August 2024.\u00a0<\/p>\n

Bridge City Capital did not immediately respond to a request for comment.\u00a0<\/p>\n

Emily Davis can be reached at edavis@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Developer Yossel Lichtman of Rogers Builders & Development has secured a $21 million acquisition and construction loan to…\n","protected":false},"author":2,"featured_media":246071,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[96136,95517,36818,60364,96137,1603,2664,11211,96138,9,24,63,122,124,123,96139],"class_list":["post-246070","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-60-west-street","tag-72-west-street","tag-construction-financing","tag-development-site-sale","tag-donal-flaherty","tag-finance","tag-investments-sales","tag-jack-guttman","tag-luke-sproviero","tag-new-york","tag-new-york-city","tag-nyc","tag-queens","tag-queens-headlines","tag-queens-news","tag-yossel-lichtman-channel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/246070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=246070"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/246070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/246071"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=246070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=246070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=246070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}