Domenick Tonacchio borrows $16M from BCB Community Bank for new construction in Midwood

Domenick Tonacchio of Tona Construction through the entity 1941 Coney Island Ave LLC as borrower signed a loan agreement with lender BCB Community Bank valued at $16.4 million for 1 parcel, including the tax class retail building with apartments above (K4) at 1941 Coney Island Avenue in Midwood. The deal closed on November 7, 2019 and was recorded on February 20, 2020.

The last time the property sold was October 29, 2018, for $6,600,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $110,300.There has been one new building permit application totaling 35,784 square feet. Those plans include a total of 43 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link