Ekstein Development adds $9M in debt for construction project in Bushwick

Ekstein Development through the entity 1389 Bbb, L.P. as borrower signed a loan agreement with lender Citibank, Na valued at $9.1 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 1389 Broadway in Bushwick. The deal closed on August 5, 2020 and was recorded on August 19, 2020.

This supplemental $4.6 million building loan and supplemental $4.5 million project loan is on top of $45.5 million in construction and land loan debt recorded as of June 2020.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 103,378 square feet. Those plans include a total of 88 residential units.
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Direct link to the city’s interactive property map, ZOLA. link