Benzion Morgenstern obtained financing of $8M from DERBY 53 LLC

Benzion Morgenstern through the entity 2033 FIRST AVE LLC as borrower signed a loan agreement with lender DERBY 53 LLC valued at $7.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) at 2033 1 Avenue in East Harlem. The deal closed on July 02, 2019 and was recorded on July 11, 2019.
The property contains a total of 19,391 square feet of built space. The property has 16,731 square feet of available development rights.
The average loan per buildable square foot is $387.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $2,675,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link