FBE Limited borrows $48.4M from Signature Bank to buy property in Brooklyn

Abraham Fruchthandler’s FBE Limited borrowed $48.4 million from Signature Bank to buy three properties in Brooklyn in three separate transactions.

In the largest, FBE Limited through the entity 615 East 104 Holdings LLC as borrower signed a loan agreement with lender Signature Bank valued at $34 million for 1 parcel, including the tax class adult care facility (I7) at 633 East 104th Street in Canarsie. The deal closed on December 2, 2020 and was recorded on December 11, 2020.
The property contains a total of 86,763 square feet of built space.
The average loan per buildable square foot is $392.
This is an acquisition loan. The debt includes $10.99 million gap loan above the prior maximum loan of $24 million.

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

In the second transaction, FBE Limited through the entity 2514 Albemarle Holdings LLC as borrower signed a loan agreement with lender Signature Bank valued at $7.9 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 43 residential units at 2514 Albemarle Road in Flatbush. The deal closed on December 2, 2020 and was recorded on December 11, 2020.
The property contains a total of 39,628 square feet of built space.
The average loan per unit is $183,721.
This is an acquisition loan.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential 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

In the third, FBE Limited through the entity 64 Kingston Holdings LLC as borrower signed a loan agreement with lender Signature Bank valued at $7.5 million for 1 parcel, including the tax class miscellaneous (N9) at 56 Kingston Avenue in Crown Heights. The deal closed on December 2, 2020 and was recorded on December 11, 2020.
The property contains a total of 25,000 square feet of built space.
The average loan per buildable square foot is $300.

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