Franklin Avenue Group obtained financing of $5M from Parke Bank

Franklin Avenue Group LLC as borrower signed a loan agreement with lender Parke Bank valued at $5.4 million for 1 parcel, including the tax class miscellaneous open space (Z9) at 263 Franklin Avenue in Bedford-Stuyvesant. The deal closed on July 15, 2019 and was recorded on July 26, 2019.
The property contains a total of 12,640 square feet of built space. The property has 12,640 square feet of available development rights.
The average loan per buildable square foot is $424.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel.There has been one new building permit application totaling 14,968 square feet. Those plans include a total of 20 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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