Elyahu Cohen borrows $16M from Santander Bank for warehouse in Brooklyn

Elyahu Cohen through the entity C & F Second Avenue LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $16 million for 1 parcel, including the tax class miscellaneous warehouse (E9) at 56 2nd Avenue in Brooklyn. The deal closed on August 27, 2020 and was recorded on September 2, 2020.
The property contains a total of 370,000 square feet of built space. The property has 506,391 square feet of available development rights.
The average loan per buildable square foot is $32.
Elyahu Cohen is owner of Regal Home Collections.

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 $165,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link