David Kahn borrows $26M from Popular Bank for property in Kensington

David Kahn through the entity 4515 Utrecht Realty Corp. as borrower signed a loan agreement with lender Popular Bank valued at $26.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 80 residential units at 4515 New Utrecht Avenue in Kensington. The deal closed on October 23, 2019 and was recorded on October 28, 2019.
The property contains a total of 86,217 square feet of built space.
The average loan per unit is $325,000.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 80 residential (or hotel) units on July 24, 2019.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $10,006,000. Those filings sought to increase the number of residential units by 80 to 80 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $543,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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