Cheskel Schwimmer signs $12.2M refi with Valley National Bank for 27-unit elevator building in Flatbush

Cheskel Schwimmer of Chess Builders through the entity 2337 Bedford Ave LLC as borrower signed a refi loan with lender Valley National Bank valued at $12.2 million for the 27-unit residential elevator building at 2337 Bedford Avenue in Flatbush, Brooklyn.
The deal closed on February 15, 2022 and was recorded on February 28, 2022. The prior lender was Parke Bank which held debt that had an original loan amount of $8.1 million.
The property has 30,971 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $393 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on October 11, 2018, for $3.1 million.
The signatory for Cheskel Schwimmer and Chess Builders was Cheskel Schwimmer. The signatory for Valley National Bank was Terence McArdle.
(321915898) Plans for a 27-unit, 18,504 square-foot R-2 were filed on March 1, 2019 and were permitted on March 5, 2020.
In Flatbush, the bulk, or 47 percent of the 51.8 million square feet of built space are residential elevator buildings, with 1-4 family buildings next occupying 17 percent of the space. In sales, Flatbush has had very little sales volume relative to other neighborhoods with $208.8 million in sales volume in the last two years. For development, Flatbush has near average amount of major developments among other neighborhoods and is the 20th highest in Brooklyn. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential elevator buildings in the past 12 months.
On the tax block, the majority, or 57 percent of the 229,271 square feet of built space are 1-4 family buildings, with residential walkup buildings next occupying 22 percent of the space.
Within a 400-foot radius of 2337 Bedford Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was an initial temporary certificate of occupancy issued on December 8, 2020 for the $325,000 renovation of 3,167-square-foot R-2 building with six residential units at 2329 Bedford Avenue.

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