E&M in contract to sell three Brooklyn parcels with $41M in debt, buyer is FBE: sources
UPDATED Oct. 21, 2020 at 9:43 a.m.: Irving Langer’s E&M Associates is in contract to sell three Brooklyn properties that have a combined $41 million in debt, according to property records. The contract vendee, according to a source familiar with the deal, is Abraham Fruchthandler’s FBE Limited.
The buyer was not disclosed and the signatories for each buyer was Brooklyn attorney Jeffrey Zwick. The buyer entities had the address 1 State Street, 32nd floor, which is an address used by Abraham Fruchthandler’s FBE Limited. A call to FBE and an email to E&A were not immediately returned.
For the first property, 615 East 104 Holdings LLC signed a contract with E&M Associates through the entity E & M Associates I LLC to purchase 1 parcel, including the tax class adult care facility (I7) at 615 East 104th Street in Canarsie. The contract was signed on September 30, 2020 and was recorded on October 20, 2020. The parcel(s) have total development potential of 86,763 square feet.
The property contains a total of 86,763 square feet of built space.
The price was not disclosed, nor a targeted closing date. The buyer signatory was the Brooklyn attorney Jeffrey Zwick. The property has a $24 million loan from 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $166,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
For the second property, 2514 Albemarle Holdings LLC signed a contract with E&M Associates through the entity 2514 Albemarle Associates LLC to purchase for an undisclosed amount 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 43 residential units at 2514 Albemarle Road in Flatbush. The contract was signed on September 30, 2020 and was recorded on October 20, 2020. The parcel(s) have total development potential of 39,628 square feet.
The property contains a total of 39,628 square feet of built space.
The property has a $10.5 million loan from 2014.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential (or hotel) units on July 30, 2014.
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 $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
For the third property, 64 Kinston Holdings LLC signed a contract with E&M Associates through the entity 64 Kingston Avenue Realty LLC to purchase for an undisclosed amount 1 parcel, including the tax class miscellaneous (N9) at 56 Kingston Avenue in Crown Heights. The contract was signed on September 30, 2020 and was recorded on October 20, 2020. The parcel(s) have total development potential of 25,000 square feet.
The property contains a total of 25,000 square feet of built space.
The property has a $6.5 million loan.
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 $20,450.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
UPDATED with source identifying Abraham Fruchthandler’s FBE Limited as the contract vendee.