Goldfarb Properties borrows $20M from New York Community Bank for multifamily property in Tremont

Goldfarb Properties, Michael Koenig as signatory, through the entity GC 1700, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $20 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 158 residential units at 1700 Grand Concourse in Tremont. The deal closed on January 28, 2020 and was recorded on February 5, 2020.
The property contains a total of 154,656 square feet of built space.
The average loan per unit is $126,582.
The last time the property sold was December 30, 2010, for $16,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 154 residential (or hotel) units on September 23, 2013.
Over the past five years, there have been 3 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 $120,000. Those filings sought to increase the number of residential units by 3 to 154 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $176,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link