Edward Setton borrows $5M from JPMorgan Chase Bank for property in Midwood

Edward Setton through the entity Midwood Equities LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A. valued at $5.3 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 44 residential units at 1553 Ocean Avenue in Midwood. The deal closed on September 27, 2019 and was recorded on October 4, 2019.
The property contains a total of 43,000 square feet of built space. The property has 18,634 square feet of available development rights.
The average loan per unit is $120,455.
The last time the property sold was October 11, 2011, for $5,156,000.

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Direct link to the city’s interactive property map, ZOLA. link

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