• The subject property is located at the intersection of Dyker Heights and Borough Park in Brooklyn, on the south side of 63rd Street near the I-287 corridor. Dyker Heights is a well-established residential neighborhood, with growing housing demand and convenient access to public transit. It is also close to Brooklyn’s major Chinese community along 8th Avenue.
• The 9-story community facility building includes charter school offices on part of the 1st to the 5th floors, office and medical condominium units on the 6th to the 8th floors, and a 4,699 sq. ft. underground garage. The developer acquired the site in September 2022 for $8.2 million, completed construction in 2025, and has obtained Temporary Certificate of Occupancies from the basement to the 5th floor. TCOs for the 6th to 8th floors are expected to be obtained by the end of 2025, after which unit sales will begin. A 32-year lease has been signed with a charter school for the lower floors. The unsold units on the 1st, 6th, 7th, and 8th floors, along with the garage, will be mortgaged as collateral for this borrowing to refinance a construction loan close to its maturity.

Dyker Heights in Brooklyn is a historically white neighborhood that has seen increasing housing demands in recent years, driven by its convenient public transit, strong infrastructure, and proximity to Brooklyn’s largest Chinese community along 8th Avenue. The area has become increasingly attractive to Chinese homebuyers.

The neighborhood is ethnically diverse, with a population that is 51% white, 23% Asian, 18% Hispanic, and 3% Black. Roughly 37% of residents are foreign-born, and the community is largely composed of middle-income, working-age families employed in New York City. The median household income is about $91,920, placing it in the upper-middle tier for Brooklyn.

Recent years have seen a significant influx of Asian residents, fueling a strong rental market. With limited housing inventory and rising demand, property values in the area have steadily increased.

* Source: NYU Furman Center and U.S. Census Bureau, October 2025.

According to data from the NYU Furman Center based on U.S. Census Bureau, as of the end of 2024, home prices in Dyker Heights have increased by 353% since 2000 across all residential property types. The median sales price is currently $1,184,000 for single-family houses, $626,670 for 2–4 family homes, and $572,000 for condominiums. The area experienced a new wave of development in 2024, with 511 new building permits issued. The previous peak in residential Certificates of Occupancy was in 2022, with 195 units approved that year.

Residential Real Estate in Dyker Heights

According to industry data provided by Ariel Property Advisors, Brooklyn's real estate market recorded 890 transactions in 2024, totaling approximately $7.15 billion. This reflects a 5% increase in transaction volume and a 37% increase in dollar volume compared to 2023. Excluding hotel and special-use properties, all other asset types saw year-over-year growth in both transaction count and value.

In the commercial and retail asset class, Brooklyn experienced a strong rebound in 2024, marking its third-highest annual transaction volume on record with 81 deals totaling $642 million—up 19% in volume and 48% in value year-over-year. The second half of 2024 was particularly active, with $480 million in transactions—75% of the annual total—and 11 deals exceeding $10 million, the strongest second half since 2019, signaling renewed investor confidence.

According to a third-party appraisal by Colliers International, the total commercial lease inventory in South Brooklyn submarket, where the property is located, grew steadily at 1.7% annually over the past decade, reaching 3,995,162 square feet by the end of 2024. As more space entered the market, the vacancy rate rose to 9.8%, and average asking rents declined from $43.22/sqft/year in 2022 to $32.98/sqft/year in 2024.

• According to the data provided by Colliers International, the average sale price of comparable commercial properties sold is $868.50/sqft.

* Source: Appraisal report provided by Colliers International.

According to the third-party appraisal by Colliers International, the unsold commercial units on the 1st, 6th, 7th, and 8th floors of the subject property, along with the underground garage, have a combined estimated market value of approximately $14,500,000. The average sales price for the commercial units is around $990 per square foot.

Based on the local market conditions, the stabilized rental income of the subject property is expected to reach $55.00 per square foot annually, generating approximately $724,930 in annual rental revenue.

CrowdFunz considers that the valuation suggestion provided by Colliers International is reasonable and consistent with the underwriting standards of CrowdFunz debt investment.

Valuation Summary

* Source: Appraisal report provided by Colliers International.

Location

The property has excellent transportation access. It is within a 5-minute walking distance to the subway line N, Q, W, and D, taking a 20-minute commute to Downtown Manhattan. By driving car, it takes approximately 30 minutes to reach LaGuardia Airport and 35 minutes to JFK International Airport.

Transportation

• Subway: N, Q, W, D (5-minute walk)
• To Lower East Side: 20-minute subway
• To JFK: 35-minute drive
• To LGA: 30-minute drive

Schools

The project is in the heart of Dyker Heights, a well-established neighborhood with access to a full range of educational institutions, including several elementary, middle, and high schools. The area also features a variety of language schools and early childhood education centers, supporting well-rounded development for children.

Living Facility

The community is conveniently located near a well-established Chinese commercial district, offering excellent access to daily necessities. The area features a variety of Chinese and Korean supermarkets, diverse dining options including traditional and fast food, as well as large shopping centers that meet residents’ everyday needs.

Entertainment

The area offers abundant cultural and recreational amenities. Nearby attractions include the Brooklyn Museum, one of New York’s premier cultural landmarks, and the city’s second-largest museum after the Met, as well as Sunset Park, Dyker Beach Park, the New York Aquarium, and the Barclays Center, home of the Brooklyn Nets.

Developer： Leeboy Group

Website： https://www.leeboygroup.com/

Past Cooperation： Fund 842 / 624 / 855

• CrowdFunz Fund 625 provides a short-to-mid-term first-lien mortgage to the borrower. The proceeds will be used entirely to repay the existing construction loan close to its maturity, while retaining working capital to support the next phase of property sales. The borrower expects to repay the loan provided by Fund 625 by using the proceeds from unit sales or cash flows from other real estate projects it owns.
• The underlying project of Fund 625 has completed its construction works and is going to enter the final sales phase with no further construction risk. As of October 2025, office space from part of the 1st floor to the 5th floor has been leased under a 32-year agreement to a charter school.
• The underlying project of Fund 625 has a relatively low financial leverage. The loan-to-value ratio (LTV) of the project is only 41.38%, well below the industry average, and the borrowing is backed by significant equity value.
• The underlying project is located in a prime location of Dyker Heights, a traditional high-quality neighborhood in Brooklyn near the region’s largest Chinese community along 8th Avenue, providing superior location advantages.
• CrowdFunz believes that investing in Fund 625 represents a low-risk, short-term debt opportunity suitable for investors seeking fixed-income products with stable returns.