Cornell Realty Management borrows $48M from Popular Bank for multifamily development in Bedford-Stuyvesant

Isaac Hagar’s Cornell Realty Management through the entity Cornell Myrtle LLC as borrower signed a loan agreement with lender Popular Bank valued at $47.9 million for 1 parcel, including a multifamily development with stores (D7) and containing 101 residential units at 946 Myrtle Avenue in Bedford-Stuyvesant. The deal closed on December 30, 2019 and was recorded on January 15, 2020.

Madison Realty Capital provided the prior recorded debt totaling $51.3 million. The last time the property sold was December 22, 2014, for $16,500,000.

Over the past five years, there have been 5 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 161,387 square feet. Those plans include a total of 101 residential units. There have been 4 demolition projects filed over the past five years. The demolition included 2 residential units.
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