Ekstein Development borrows $45.5M from Citibank for residential construction in Bushwick

Ekstein Development Group through the entity 1389 BBB, LP as borrower signed a new construction loan agreement with lender Citibank valued at $45.5 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 June 5, 2020 and was recorded on June 19, 2020.
There has been one new building permit application totaling 103,378 square feet. Those plans include a total of 88 residential units.
Ekstein increased the debt with the addition of a $28.6 million building loan. The prior debt secured in April from Citibank was $16.9 million. The signatory for the borrower was Erik Ekstein, company president and CEO.

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