Benedict Realty Group borrows $36.4M from New York Community Bank for property in Brooklyn, Queens

Benedict Realty Group borrowed $36.4 million from New York Community Bank in three transactions.

In the first, Benedict through the entity BRG 9610 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $17.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 76 residential units at 96-10 37th Avenue in Corona. The deal closed on May 26, 2020 and was recorded on June 4, 2020.
The property contains a total of 79,555 square feet of built space.
The average loan per unit is $234,474.
Daniel Benedict is president of BRG. The last time the property sold was August 11, 2011, for $14,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 76 residential units on December 11, 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. There was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Benedict Realty Group through the entity BRG 48-53 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $9.3 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 66 residential units at 48-53 44th Street in Sunnyside. The deal closed on May 26, 2020 and was recorded on June 4, 2020.
The property contains a total of 63,000 square feet of built space.
The average loan per unit is $141,273.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the third, Benedict Realty Group through the entity BRG 3715 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $9.3 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 66 residential units at 3715 Kings Highway in East Flatbush. The deal closed on May 26, 2020 and was recorded on June 4, 2020.
The property contains a total of 84,600 square feet of built space.
The average loan per unit is $140,818.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $51,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link