---
title: "Bridge City Capital Provides $21M Loan for Greenpoint Dev Site"
url: https://burnaze.com/article/96d043b2-cbd1-454e-9c2b-23d64bc3838d
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/05/bridge-city-capital-loan-greenpoint-72-west-street/
author: "Edavis"
category: "Real Estate"
published: 2026-05-27T21:15:36.000Z
modified: 2026-10-31T13:18:36.966Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/05/72-West-St_Donal-Flaherty-copy.jpg?quality=80&resize=1200%2C630&strip=
---

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

**TL;DR:** Yossel Lichtman of Rogers Builders & Development has secured a $21 million acquisition and construction loan from Bridge City Capital to finance his purchase of a parking lot in Greenpoint, Brooklyn. The loan will be used to build a 99-unit, mixed-use project on the site.

*By Edavis, originally published in Commercial Observer on 2026-05-27. [Read the original](https://commercialobserver.com/2026/05/bridge-city-capital-loan-greenpoint-72-west-street/).*

## Story

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.

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- real estate development (topic)
- acquisition loan (topic)
- construction loan (topic)
- BridgeCity Capital (investor)
- IPRG (company)
- mixed-use project (topic)
- Donal Flaherty (person)
- Pearl Realty Management (company)
- Yossel Lichtman (person)
- Rogers Builders & Development (company)

---
Originally reported by Edavis, Commercial Observer (https://commercialobserver.com/2026/05/bridge-city-capital-loan-greenpoint-72-west-street/). Summarized by Burnaze (https://burnaze.com/article/96d043b2-cbd1-454e-9c2b-23d64bc3838d).