Benzion Wachsman borrows $10.9M from New York Community for 80 units in Riverdale

Benzion Wachsman through the entity Kingsbridge-Decatur Phase I Associates, L.P. as borrower signed a loan agreement with lender New York Community Bank valued at $10.9 million for 4 parcels, including the tax class multifamily, miscellaneous (D9) and containing 80 residential units at 2661 Decatur Avenue, 2657 Decatur Avenue, 2653 Decatur Avenue, 2649 Decatur Avenue in Riverdale. The deal closed on October 14, 2020 and was recorded on October 23, 2020.
The property contains a total of 22,752 square feet of built space. The property has 91,236 square feet of available development rights.
The average loan per unit is $136,413.
The last time an interest in the property sold was September 14, 2020, for $7,688,635.

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