Bentley Zhao’s New Empire Real Estate borrows $32M from Popular Bank for rental property in Flatbush

Bentley Zhao’s New Empire Real Estate through the entity North Ocean Management LLC as borrower signed a loan agreement with lender Popular Bank valued at $31.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 108 residential units at 571 Ocean Avenue in Flatbush. The deal closed on October 22, 2019 and was recorded on October 30, 2019.
The property contains a total of 126,419 square feet of built space.
The average loan per unit is $291,667.
The last time the property sold was March 10, 2017, for $11,500,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $70,000.There has been one new building permit application totaling 82,417 square feet. Those plans include a total of 108 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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