Barry Farkas’ Lightstone Management borrows $23M from Ladder Capital Finance for property in Flatbush

Barry Farkas’ Lightstone Management through the entity Linden Courtyard LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $23.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 69 residential units at 200 Linden Boulevard in Flatbush. The deal closed on September 27, 2019 and was recorded on October 23, 2019.
The average loan per unit is $333,333.
The last time the property sold was February 4, 2015, for $2,150,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $22,000.There has been one new building permit application totaling 50,260 square feet. Those plans include a total of 69 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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