David Bawabeh borrows $13M from Oceanfirst Bank for new mixed-use property in Bedford-Stuyvesant

David Bawabeh through the entity Cheyenne Realty Co. 2 LLC as borrower signed a loan agreement with lender Oceanfirst Bank valued at $13.2 million for 1 parcel, including the tax class retail building with apartments above (K4) at 644 Gates Avenue in Bedford-Stuyvesant. The deal closed on November 26, 2019 and was recorded on December 5, 2019.
The property contains a total of 44,700 square feet of built space. The property has 45,000 square feet of available development rights.
The average loan per buildable square foot is $293.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 27, 2019.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $771,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $320,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link