1247 M&F Management LLC obtained financing of $19M from Popular Bank

1247 M&F Management LLC as borrower signed a loan agreement with lender Popular Bank valued at $19.0 million for 1 parcel, including the tax class one-story store building (K1) and containing 38 residential units at 1247 Atlantic Avenue in Bedford-Stuyvesant. The deal closed on July 16, 2019 and was recorded on August 01, 2019.
The property contains a total of 30,077 square feet of built space.
The average loan per unit is $500,000.
The last time the property sold was July 21, 2016, for $9,000,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 40 residential (or hotel) units on March 22, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $50,000.There has been one new building permit application totaling 27,724 square feet. Those plans include a total of 43 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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