Ghassan Alrassi borrows $5M from New York Community Bank for multifamily property in Bay Ridge

Ghassan Alrassi through the entity Alrassi Realty LLC as borrower signed a loan agreement with lender New York Community Bank valued at $5.3 million for 4 parcels, including the tax class primarily one to six families with stores or offices (S9) and containing 14 residential units at 7133 5th Avenue, 7506 3rd Avenue, 7810 5th Avenue, 7826 3rd Avenue in Bay Ridge. The deal closed on May 15, 2020 and was recorded on May 28, 2020.
The property has 19,729 square feet of existing and available development rights.
The average loan per unit is $379,143.

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