David Levine borrows $11M from Signature Bank for retail property in Brooklyn

David Levine through the entity Ocean Norse Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.0 million for 1 parcel, including the tax class shopping center with parking facilities (K6) at 3078 Ocean Avenue in Brooklyn. The deal closed on November 22, 2019 and was recorded on December 5, 2019.
The property contains a total of 47,320 square feet of built space. The property has 96,706 square feet of available development rights.
The average loan per buildable square foot is $114.
The last time the property sold was May 6, 2010, for $10,000,000.

Over the past five years, there have been 6 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 $1,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $590,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link