Chaim Wurzberger borrows $12M from Investors Bank for new construction in East Flatbush

Chaim Wurzberger through the entity 1351 Brooklyn Avenue LLC as borrower signed a loan agreement with lender Investors Bank valued at $12.2 million for 1 parcel, including the tax class three-family (C0) and containing 3 residential units at 1353 Brooklyn Avenue in East Flatbush. The deal closed on December 27, 2019 and was recorded on January 14, 2020.

The last time the property sold was May 20, 2019, for $1,850,000. ShareEstates Investments held the prior loan with a maximum value of $900,000, which was assigned to Investors Bank.

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 has been one new building permit application totaling 30,478 square feet. Those plans include a total of 44 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 4 residential units.
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Direct link to the city’s interactive property map, ZOLA. link

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