Former Sears CEO Edward S. Lampert’s ESL Investments borrows $20M from Cantor Fitzgerald Securities for property in Flatbush

Cantor Fitzgerald lent $19.7 million against this Sears store at 2307 Beverly Road in Flatbush (Photo: Google)

Former Sears CEO Edward S. 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 2307 Beverley Road, also known as 2360 Bedford Avenue in Flatbush. The deal closed on June 11, 2019 and was recorded on September 16, 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, for $3,800,000.

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
A recent story on the property. link.

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