$12.3M in Loans Back a $6.5M Brooklyn Building Sale
The DOB job was filed in April under the seller's ownership. The buyer's two loans total 188% of the price.
Two mortgages totaling $12.3 million from ICE Lender Holdings were recorded on Sept. 24 against a $6.525 million deed at 1241 Bedford Avenue in Brooklyn, while a DOB job to enlarge the building to 23 apartments had been on file since April 29, per ACRIS and DOB NOW.
Why it matters
The borrowed total is 188% of the purchase price, so the loans cover more than the building cost. The record does not say what the extra $5.8 million is for, and we do not guess. The DOB job, B01390371-I1, describes a vertical and horizontal extension of the existing 3-story building to 7 stories, with 0 dwelling units today and 23 proposed. It was filed 148 days before the deed was recorded, and its owner field names an individual under a partnership rather than the buyer, 1241 Bedford Ave LLC, so the plans were filed while the seller side held the property. As of Sept. 16, DOB showed the job in Objections.
The numbers
The deed moves the lot from The Frank Properties LLC to 1241 Bedford Ave LLC for $6,525,000, about $283,696 per proposed apartment and $309 per square foot of the 21,096 square feet on the filing. The $7,000,000 mortgage and the $5,300,000 mortgage both run to ICE Lender Holdings, LLC, each with a matching assignment of leases. The DOB filing carries an initial cost of $1,054,800. ACRIS also lists two mortgage assignments dated Oct. 1 from ICE Lender Holdings to ICECAP Real Estate Debt Fund III LLC, and we did not confirm which loan each covers.
The sale is the first priced transfer of the lot in ACRIS since 2003, when Ryan & Nicole LLC bought it from Bermuda Realty LLC for $800,000. A 2022 deed from Ryan & Nicole LLC to The Frank Properties LLC was recorded at $0, so it gives no price for the seller. The DOB filing was prepared by an architect at Studio Gallos with Advanced Builders Services as filing representative, and a mechanical filing (S1) followed Sept. 7. The deed does not show who signs for the buyer LLC, so we do not say who controls it. DOB’s neighborhood tag for the lot is Bedford-Stuyvesant (West).
What’s next
Watch for DOB moving the job out of Objections, any further mortgage assignments to the debt fund, and a permit that confirms the 23-unit count. For more Brooklyn deeds read against DOB filings, see the New York market page, or 1023 Willmohr Street in East Flatbush.
On the record
What we checked ourselves, and where you can check it too.
- Public recordACRIS deed 2026092200815001, recorded Sept. 24, 2026, conveys 1241 Bedford Avenue (block 1842, lot 1) from The Frank Properties LLC to 1241 Bedford Ave LLC for $6,525,000. Two mortgages recorded the same day, $7,000,000 (2026092200815004) and $5,300,000 (2026092200815002), both to ICE Lender Holdings, LLC, total $12,300,000, or 188% of the price.View the record on a836-acris.nyc.gov
- Our dataDOB NOW job B01390371-I1 was filed April 29, 2026, 148 days before the deed was recorded, and lists the owner as an individual under a partnership, not the buyer LLC. It shows 0 existing and 23 proposed dwelling units, 3 existing and 7 proposed stories, 21,096 square feet, and an initial cost of $1,054,800.View the record on a810-dobnow.nyc.gov
- Public recordPrior ACRIS deeds on the lot show Ryan & Nicole LLC buying from Bermuda Realty LLC for $800,000 in 2003 and conveying to The Frank Properties LLC in a 2022 deed recorded at $0. The $6,525,000 sale is the first priced transfer on the lot since 2003.View the record on a836-acris.nyc.gov
Sources
- NYC ACRIS, deed document 2026092200815001Deed recorded Sept. 24, 2026, The Frank Properties LLC to 1241 Bedford Ave LLC, amount $6,525,000
- NYC ACRIS, mortgage document 2026092200815004Mortgage, 1241 Bedford Ave LLC to ICE Lender Holdings, LLC, amount $7,000,000
- NYC ACRIS, mortgage document 2026092200815002Mortgage, 1241 Bedford Ave LLC to ICE Lender Holdings, LLC, amount $5,300,000
- NYC DOB NOW Build filings, job B01390371-I1Alteration-CO filing, 3 to 7 stories, 0 to 23 dwelling units, initial cost $1,054,800, filed April 29, 2026