Barone Management borrows $9M from Berkshire Group for multifamily property in Greenpoint

Barone Management through the entity Fhrb LLC as borrower signed a loan agreement with lender Berkshire Group through the entity Mf1 Capital LLC valued at $9.3 million for 2 parcels, including the tax class multifamily, fireproof – with stores (D6) and containing 22 residential units at 144 West Street, 146 West Street in Greenpoint. The deal closed on December 18, 2019 and was recorded on January 3, 2020.

The average loan per unit is $423,864.
This filing adds a $638,575 gap building loan mortgage, and prior lender Pembrook Capital Management assigned the existing debt to Berkshire.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 17,963 square feet. Those plans include a total of 22 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link