David Chetrit borrows $10M from JPMorgan Chase Bank for property in Brooklyn

David Chetrit through the entity Pe 1111 LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $10.0 million for 1 parcel, including the tax class shopping center with parking facilities (K6) at 1111 Pennsylvania Avenue in Brooklyn. The deal closed on August 20, 2019 and was recorded on September 19, 2019.
The property contains a total of 31,740 square feet of built space. The property has 49,096 square feet of available development rights.
The average loan per buildable square foot is $124.
The last time the property sold was June 9, 2005, for $9,200,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $88,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link