David Bawabeh borrows $28M from Signature Bank for commercial property in Flatbush

David Bawabeh through the entity Midyan Gate Realty No. 4, LLC as borrower signed a loan agreement with lender Signature Bank valued at $28.0 million for 1 parcel, including the tax class miscellaneous educational (W9) at 205 Rockaway Parkway in Flatbush. The deal closed on February 20, 2020 and was recorded on February 25, 2020.
The property contains a total of 75,000 square feet of built space. The property has 82,480 square feet of available development rights.
The average loan per buildable square foot is $339.
Debt was increased from the $21 million Signature provided in 2015 to $28 million.

Over the past five years, there have been 4 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 $14,500. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $709,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link