Goldman Sachs sells $4.15M note to Stormfield secured by 7-unit Flatbush development

Goldman Sachs sold a loan with a maximum principal of $4.15 million to Stormfield Capital’s Stormfield Capital Funding I, LLC secured by a development site in Flatbush owned by Rafael “Rafi” Manor’s Brooklyn Development 24 Corp.

The property has the tax class multifamily, fireproof – with stores (D6) and containing 7 residential units at 744 Lefferts Avenue in Flatbush. The deal closed on October 16, 2020 and was recorded on November 13, 2020.
The property contains a total of 9,658 square feet of built space.
The developer filed for an initial temporary certificate of occupancy on August 27, 2018, but the city has not issued one as of Sunday.
The last time the property sold was September 24, 2015, for $550,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $60,000.There has been one new building permit application totaling 8,124 square feet. Those plans include a total of 7 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link