David Chemtob borrows $9M from Signature Bank for property in Brooklyn, Queens

David Chemtob through the entity Metropolitan LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.0 million for 11 parcels, including the tax class diners, franchised type stand (K5) at 7602 Flatlands Avenue, 1940 Linden Boulevard, 797 Pennsylvania Avenue, 801 Pennsylvania Avenue, 126-20 Metropolitan Avenue, and others in Canarsie. The deal closed on April 29, 2020 and was recorded on May 7, 2020.
The property has 119,163 square feet of available development rights.
The average loan per buildable square foot is $75.

Over the past five years, there have been 3 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 3,967 square feet. There have been 2 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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