Finkelstein, Timberger, East Real Estate borrows $8M from Webster Bank for property in Tremont

Finkelstein, Timberger, East Real Estate through the entity Denpat Associates LLC as borrower signed a loan agreement with lender Webster Bank valued at $8.3 million for a rental building with the tax class multifamily, semi-fireproof (without stores) (D1) and containing 66 residential units at 1791 Grand Concourse in Tremont. The deal closed on September 16, 2019 and was recorded on September 24, 2019.
The property contains a total of 61,542 square feet of built space. The property has 19,546 square feet of available development rights.
The average loan per unit is $125,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $50,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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