Eric Sternberg borrows $11M from Levon Capital for a warehouse in Jamaica

Eric Sternberg through the entity Douglas Holdings, LLC as borrower signed a loan agreement with lender Levon Capital Tristate through Levon NY DXIX LLC valued at $10.9 million for 2 parcels, including the tax class fireproof warehouse (E1) at 170-11 Douglas Avenue, 170-01 Douglas Avenue in Jamaica.
This was Levon Capital’s second loan recorded over the past month. The previous one was a $13 million loan for residential property in Williamsburg.

The Jamaica deal closed on October 11, 2019 and was recorded on November 1, 2019.
The property contains a total of 52,050 square feet of built space.
The last time the property sold was November 26, 2013, for $3,350,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,441,100. Those filings sought to increase the number of residential units by 30 to 30
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link