Bruman Realty borrows $7.9M from Bank Hapoalim to buy development land in Astoria

Joseph Brunner’s Bruman Realty through the entity Fourth Development Holdings LLC as borrower signed a loan agreement with lender Bank Hapoalim valued at $7.9 million for 1 parcel, including the tax class fireproof warehouse (E1) at 26-25 4th Street in Astoria. The deal closed on November 2, 2020 and was recorded on November 20, 2020.

This is an acquisition loan. Solomon Feder in September filed plans with the same owner LLC on the parcel for a 165-unit development.
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 renovation/alteration projects (A2) applied for with a total estimated value of $421,000.

There has been one new building permit application Those plans include a total of 165 residential units.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link