Bernard Jacobowitz borrows $10M from New York Community Bank to refi new multifamily in Williamsburg

Bernard “Berel” Jacobowitz through the entity 505 Union Ave LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.0 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 23 residential units at 505 Union Avenue in Williamsburg. The deal closed on March 9, 2020 and was recorded on April 3, 2020.
The property contains a total of 36,888 square feet of built space.
The average loan per unit is $434,783.
The last time the property sold was April 26, 2007, for $4,039,439.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 23 residential units on February 24, 2020.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $8,649,344.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link