B&B Global borrows $7.7M from Merchants Bank of Indiana for new 14-unit property in Greenpoint

B&B Global Development Corp. through the entity Manhattan Group Properties LLC as borrower signed a loan agreement with lender Merchants Bank Of Indiana valued at $7.7 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 14 residential units at 977 Manhattan Avenue in Greenpoint. The deal closed on October 19, 2020 and was recorded on October 28, 2020. Victor Baranas was the signatory for B&B.
The property contains a total of 16,236 square feet of built space.
The average loan per unit is $546,429.
The last time the property sold was February 9, 2015, for $4,100,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 14 residential (or hotel) units on August 6, 2019.
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 has been one new building permit application totaling 16,236 square feet. Those plans include a total of 14 residential units. There has been one demolition project filed for the parcels 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