Bawabeh Brothers borrows $13M from Interaudi Bank for new construction in East Flatbush

Bawabeh Brothers through the entity Cheyenne Realty No. 3, LLC as borrower signed a construction loan agreement with lender Interaudi Bank valued at $12.8 million for 1 parcel, including the tax class one-story store building (K1) at 1829 Nostrand Avenue in East Flatbush. The deal closed on November 26, 2019 and was recorded on January 17, 2020.
The property contains a total of 9,001 square feet of built space. The property has 42,321 square feet of available development rights.
The average loan per buildable square foot is $302.

Over the past five years, there have been 2 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 $300,000.There has been one new building permit application totaling 33,368 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link