Ekstein Development borrows $17M from Citibank for new development in Bushwick

Erik Ekstein’s Ekstein Development through the entity 1389 BBB L.P. as borrower signed a loan agreement with lender Citibank valued at $16.9 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 1389 Broadway also known as 8 Palmetto Street in Bushwick. The deal closed on April 1, 2020 and was recorded on May 6, 2020.

The financing replaces $7 million provided by Gary Spindler and adds a $9.9 million project loan mortgage, but not a building loan mortgage. The residential development project will have 103,378 square feet, as reported by Yimby.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $225,350.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link