CBZ Management borrows $52M from Northmarq Capital for property in Brooklyn Heights

CBZ Management led by Shmaryahu Baumgarten and Daniel Gazal through the entity 237 Duffield LLC as borrower signed a loan agreement with lender Northmarq Capital, LLC valued at $51.9 million for the 110-unit residential building (D6) at 237 Duffield Street in Brooklyn Heights. The deal closed on October 3, 2019 and was recorded on October 7, 2019.
The property contains a total of 91,981 square feet of built space.
The average loan per unit is $493,810.
The last time the property sold was October 16, 2007, for $9,500,000. The owners sought last year to sell the building for approximately $100 million. https://therealdeal.com/2018/11/15/one-of-dobros-newest-apartment-buildings-is-on-the-market-for-100m/.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 110 residential (or hotel) units on September 7, 2018.
Over the past five years, there have been 2 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 $283,862.There has been one new building permit application totaling 89,281 square feet. Those plans include a total of 110 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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