Abraham Posner borrows $8M from Northeast Community Bank for new construction in Flatbush

Abraham Posner through the entity 1010 Rogers LLC as borrower signed a construction loan agreement with lender Northeast Community Bank valued at $7.7 million for 2 parcels, including the tax class two-family, frame (B2) and containing 3 residential units at 191 Veronica Place, 193 Veronica Place in Flatbush. The deal closed on March 4, 2020 and was recorded on March 12, 2020.
The property has 15,058 square feet of available development rights.
The average loan per buildable square foot is $413. The loan package includes $6.2 million in a subordinate building loan.
The last time the property sold was May 3, 2019, for $1,120,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 19,304 square feet. Those plans include a total of 26 residential units. There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link