Ash Management signs $18M refi loan with Citibank for office building in Flatbush

Ash Management through the entity Ash Flatbush LLC as borrower signed a refi loan with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $18 million for the office building (O5) at 949 Flatbush Avenue in Flatbush, Brooklyn.
The deal closed on July 7, 2021 and was recorded on July 29, 2021.
The property has 46,760 square feet of built space and 1,197 square feet of additional air rights for a total buildable of 47,900 square feet according to PincusCo analysis of city data. The loan price per built square foot is $384 and the price per buildable square foot is $375 per the PincusCo analysis.
The signatory for Ash Management was Ezra Ashkenazi.
(320625230)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on November 24, 2020. (320625230) Plans for a 46,336 square-foot office building were filed on May 26, 2015 and were permitted on March 30, 2017.
Ezra Ashkenazi is vice president of Ash Management.

Within a 400-foot radius of 949 Flatbush Avenue, PincusCo identified two commercial real estate items of interests that occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on January 10, 2020 for the $494,860 renovation of 2,527-square-foot R-3 building with two residential units at 946 Flatbush Avenue.
One of those two items was a loan which Aslan Bawabeh borrowed $11.8 million from Investors Bank secured by the 7,375-square-foot, three-unit mixed-use building (S2) on 946 Flatbush Avenue and six other properties on January 13, 2021.

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