Amit Itshaik signs $20M construction loan with Golden Bridge for 95-unit project in Flatbush

Amit Itshaik through the entity Samnon Associates Inc as borrower signed a new construction loan with lender Golden Bridge Funding valued at $20.0 million for a 95-unit project at 406 Remsen Avenue in Flatbush, Brooklyn.
The deal closed on June 30, 2021 and was recorded on July 21, 2021.
The property has 8,640 square feet of built space and 33,880 square feet of additional air rights for a total buildable of 42,437 square feet according to PincusCo analysis of city data. The loan price per built square foot is $2,314 and the price per buildable square foot is $471 per the PincusCo analysis.
The signatory for Amit Itshaik was Amit Itshaik.
(340751813) Plans for a 95-unit, 86,064 square-foot residential R-2 building were filed on August 3, 2020.
Within a 400-foot radius of 406 Remsen Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were in new building development. There were two new building permit applications. The most recent of these two items was a filing on December 22, 2020 for a 20,999-square-foot residential R-2 building with 24 residential units at 382 Remsen Avenue.
One of those three items was a loan which Elchonon Shilian borrowed $15.2 million from Bank of Princeton secured by the 5,552-square-foot, five-unit retail building (K1) on 407 Remsen Avenue on July 14, 2021.

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