Bridge City Capital Provides $21M Loan for Greenpoint Dev Site

Developer Yossel Lichtman of Rogers Builders & Development 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.

Bridge City Capital provided the financing, which came with a 12-month term plus extension options. 

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’s financing represents an 80 percent loan-to-value ratio –– construction deals with an 80 to 85 percent loan-to-value ratio are becoming more common as developers face increasing challenges in raising equity. 

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

The site’s zoning offers 54,375 buildable square feet as-of-right, or 70,687 square feet if Lichtman chooses to tap into the city’s Universal Affordability Preference program. 

The irregular parcel, measuring 74 feet by 200 feet, was recently subdivided by its seller, prominent local landlord Jack Guttman of Pearl Realty Management. 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’s New York Business reported. 

The recent sale of 72 West Street follows Guttman’s November sale of 50 Greenpoint Avenue one street away for $130 million. The landlord also sold the adjacent waterfront sites at 43-57 West Street and 2-24 Oak Street for $175 million in August 2024. 

Bridge City Capital did not immediately respond to a request for comment. 

Emily Davis can be reached at edavis@commercialobserver.com.