Albert Srour signs $9.4M refi with Signature Bank for two rentals in Flatbush

Albert Srour through the entity 558-566 Parkside LLC as borrower signed a refi loan with lender Signature Bank valued at $9.4 million for two rentals including the 32-unit rental (C1) at 558 Parkside Avenue in Flatbush, Brooklyn and 27-unit rental (C1) at 566 Parkside Avenue in Flatbush, Brooklyn.
The deal closed on August 18, 2021 and was recorded on September 2, 2021.
The two properties have 57,600 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $162 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Albert Srour was Albert Srour.

The owners according to the Department of Housing Preservation and Development includes Albert Srour, head officer and Chatram Persaud, officer. The business entity is 558 – 566 Parkside Llc.

Within a 400-foot radius of 558 Parkside Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on October 17, 2020 for a 82,422-square-foot R-2 building with 116 residential units at 160 Clarkson Avenue.
One of those two items was a loan which Eric Miller borrowed $9.9 million from Sterling National Bank secured by the 102,824-square-foot, 96-unit rental (D1) on 535 Parkside Avenue on March 25, 2021.

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