David and Michael Nektalov borrow $19.6M from New York Community Bank for multifamily property in Midwood

David and Michael Nektalov signed a loan agreement with lender New York Community Bank valued at $19.6 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 140 residential units at 1102 Avenue K, 1201 Avenue K in Midwood. The deal closed on January 15, 2020 and was recorded on January 24, 2020.
The properties hasve 138,084 square feet of available development rights.
The average loan per unit is $140,257.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 66 residential units on April 4, 2013.

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Direct link to the city’s interactive property map, ZOLA. link

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