1407 Flatbush LLC obtained financing of $8M from Conventus LLC

1407 Flatbush LLC as borrower signed a loan agreement with lender Conventus LLC valued at $7.5 million for 1 parcel, including the tax class retail building with apartments above (K4) and containing 2 residential units at 1407 Flatbush Avenue in Flatbush. The deal closed on July 31, 2019 and was recorded on August 13, 2019.
The property contains a total of 24,136 square feet of built space. The property has 16,522 square feet of available development rights.

The average loan per buildable square foot is $311.

The last time the property sold was June 14, 2019, for $2,900,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
There has been one new building permit application totaling 20,372 square feet. Those plans include a total of 22 residential or hotel units.

Direct link to Acris document. link

Direct link to the city’s interactive property map, ZOLA. link

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