Fairstead Capital borrows $37M from Suntrust Bank for multifamily property in Sunset Park

Fairstead Capital, led by Jeff Goldberg, Will Blodgett, and CBRE’s Stephen Siegel and Andrew Goldberg, through the entity Sunset Park Owner II LLC as borrower signed a loan agreement with lender Suntrust Bank valued at $37.0 million for 10 parcels, including the tax class multifamily, over six families without stores (C1) and containing 144 residential units at 334 53rd Street, 438 49th Street, 4902 6th Avenue, 4906 6th Avenue, 4920 6th Avenue, and others in Sunset Park. The deal closed on September 23, 2019 and was recorded on November 4, 2019.
The average loan per unit is $257,266.
The last time the property sold was June 13, 2017, for $36,279,474.

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 $80,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link