Bruman Realty gets $22.7M construction loan from Bank Leumi for Astoria project

Joseph Brunner’s Bruman Realty through the entity 4th Street Developments LLC as borrower signed a loan agreement with lender Bank Leumi valued at $22.7 million for one parcel at 26-24 4th Street in Astoria. The deal closed on August 17, 2020 and was recorded on November 12, 2020.
There has been one new building permit application totaling 67,618 square feet. Those plans include a total of 99 residential or hotel units.
The average loan per buildable square foot is $336.
This is a new construction loan composed of a $20 million building loan, a $2.7 million project loan and a refinance of a $7.75 million land loan. The last time the property sold was January 17, 2019, 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 was one renovation/alteration project (A2) applied for with a total estimated value of $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link