Gal Sela’s Sela Group borrows $43M from Maxim Credit Group for property in Fort Greene

Gal Sela’s Sela Group through the entity Sela Ryerson LLC as borrower signed a loan agreement with lender Maxim Credit Group, LLC valued at $42.5 million for 3 parcels, including the tax class fireproof warehouse (E1) at 29 Ryerson Street, 39-35 27th Street, 256 Flushing Avenue in Fort Greene. The deal closed on September 10, 2019 and was recorded on October 4, 2019.
The property contains a total of 192,240 square feet of built space. The property has 18,034 square feet of available development rights.
The average loan per buildable square foot is $178.
The last time the property sold was February 17, 2015, for $44,964,921.

Over the past five years, there have been 11 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 $25,000,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $7,053,275.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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