FBE Limited borrows $16M from Signature Bank for 119-unit rental in Flatbush

The Fruchthandler family’s FBE Limited through the entity FBE Kings Highway LLC as borrower signed a loan agreement with lender Signature Bank valued at $16 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 119 residential units at 9720 Kings Highway in Flatbush. The deal closed on January 12, 2021 and was recorded on January 22, 2021.
The property contains a total of 113,398 square feet of built space.
The average loan per unit is $134,454.
The last time the property sold was November 9, 2015 for $21,400,000.
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.

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