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

Yossel Lichtman's Rogers Builders & Development has closed a $21 million acquisition and construction loan from Bridge City Capital to develop a Greenpoint, Brooklyn parking lot at 72 West Street. The financing includes a 12-month term with extension options built in.

The deal gives Lichtman capital to move forward on converting the underutilized parking asset into a development site. Bridge City Capital, a commercial lender focused on real estate transactions in New York City, structured the loan to cover both the land purchase and construction costs, a standard approach for ground-up projects in Brooklyn's hot neighborhoods.

Greenpoint has seen steady development pressure over the past decade. The waterfront neighborhood attracts developers targeting the gap between affordable rents and rising land values. A parking lot in this location offers redevelopment potential, whether for residential, mixed-use, or commercial conversion.

For Rogers Builders & Development, the Bridge City financing removes a major hurdle. The 12-month initial term gives Lichtman time to finalize design, secure approvals, and potentially begin construction. Extension options protect him if city permits or market conditions slow the timeline, a safeguard common in Brooklyn development deals.

The loan structure reflects lender confidence in the Greenpoint market and Lichtman's track record. Bridge City Capital typically works with experienced developers who understand New York zoning, community board dynamics, and construction timelines.

For Greenpoint residents and the broader Brooklyn market, this signals continued investment in the neighborhood's evolution. Parking lots represent prime redevelopment inventory across the borough. Each conversion reduces parking supply but typically brings residential units or commercial space, reshaping neighborhood character.

The financing terms remain private, including interest rate and loan-to-value ratio. These details matter for assessing project economics. A $21 million loan for a Greenpoint acquisition and construction