Caton Towers cooperative borrows $14M from Valley National Bank in Kensington

Caton Towers cooperative through the entity Caton Towers Owners Corp. as borrower signed a loan agreement with lender Valley National Bank valued at $14 million for 1 parcel, including the tax class cooperative (D4) and containing 286 residential units at 135 Ocean Parkway in Kensington. The deal closed on March 13, 2020 and was recorded on March 24, 2020.
The property contains a total of 334,581 square feet of built space.
The average loan per unit is $48,951.
The co-op increased its debt from $8 million provided in 2013 by Valley National Bank.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $296,450. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $734,255.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link