Beitel Group borrows $6.8M from First Central Savings to buy property in Mott Haven

Beitel Group through the entity 261 Grand Concourse LLC as borrower signed a loan agreement with lender First Central Savings Bank valued at $6.8 million for 1 parcel, including the tax class semi-fireproof manufacturing building (F4) at 261 Grand Concourse in Mott Haven. The deal closed on August 14, 2020 and was recorded on August 25, 2020.
The property contains a total of 20,480 square feet of built space. The property has 61,653 square feet of available development rights.
The average loan per buildable square foot is $109.
This was an acquisition loan. There was no prior debt.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 17, 2013.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $10,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link