Coney Realty Group borrows $10M from Signature Bank for multifamily property in Sheepshead Bay

Peter Rebenwurzel’s Coney Realty Group through the entity 2685 Realty Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $10.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 76 residential units at 2685 Homecrest Avenue in Sheepshead Bay. The deal closed on February 24, 2020 and was recorded on February 25, 2020.
The property contains a total of 54,678 square feet of built space.
The average loan per unit is $131,579.

Over the past five years, there has been one NYC Department of Buildings permit application 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 $188,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link