David Levitan signs $19.5M refi with Investors Bank for shelter in East Williamsburg

David Levitan through the entity 249 Varet LLC as borrower signed a refi loan with lender Investors Bank valued at $19.5 million for the homeless shelter (H4) at 249 Varet Street in East Williamsburg, Brooklyn.
The deal closed on November 23, 2021 and was recorded on December 13, 2021.
The property has 26,400 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $738 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 24, 2016, for $21 million.
The signatory for David Levitan was David Levitan.
(320133495)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 67 residential units on July 21, 2016.
David Levitan bought the property back in 2016. It was slated to become a men’s shelter.
The owner according to the Department of Housing Preservation and Development is David Levitan, head officer. The business entity is Project Renewal, Inc.
Within a 400-foot radius of 249 Varet Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $16 million. The most recent of the two was M Y M Cook LLC which bought the 2,475-square-foot industrial (F5) on 229 Cook Street and two other properties for $7 million on July 19, 2021.
Of those four items, two were loans above $5 million totaling $12.3 million. The most recent of the two was Joel Fischbein which borrowed $5.3 million from Golden Bridge Funding secured by the 2,475-square-foot industrial (F5) on 229 Cook Street and two other properties on August 9, 2021.

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