Former Sears CEO Eddie Lampert’s ESL Investments borrows $20M from Cantor Fitzgerald for mall property in Flatbush

Former Sears CEO Eddie Lampert’s ESL Investments through the entity Transform Operating Stores LLC as borrower signed a loan agreement with lender Cantor Fitzgerald Securities valued at $19.7 million for 1 parcel, including the tax class multi-story department store (K3) at 2360 Bedford Avenue in Flatbush. The deal closed on September 19, 2019 and was recorded on November 1, 2019.
The property contains a total of 175,875 square feet of built space. The property has 131,952 square feet of available development rights.
The average loan per buildable square foot is $64.
The last time the property sold was August 30, 2019, when ESL acquired it from Sears for $3,800,000. ESL borrowed $20 million in September from Cantor against a Morrisania retail property.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $528,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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