A&E Real Estate Management obtained financing of $5M from Valley National Bank

A&E Real Estate Management through the entity 608 Rugby Road, LLC as borrower signed a loan agreement with lender Valley National Bank, A National Banking Assoc. valued at $5.2 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 31 residential units at 608 Rugby Road in Flatbush. The deal closed on August 21, 2019 and was recorded on August 29, 2019.
The property contains a total of 36,040 square feet of built space. The property has 2,716 square feet of available development rights.
The average loan per unit is $167,742.
The last time the property sold was August 30, 2018, for $7,400,000. This is the first debt added since A&E acquired the building last year.

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 were 3 renovation/alteration projects (A2) applied for with a total estimated value of $279,782.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link