Harry Reichman borrows $17M from Lakeland Bank for property in Kensington

Harry Reichman through the entity RD Brooklyn LLC as borrower signed a loan agreement with lender Lakeland Bank valued at $17 million for 13 parcels, including the tax class zoned primarily residential, except not Manhattan below 110th Street (V3) at 1575 46th Street, 4512 16th Avenue, and others in Kensington. The deal closed on May 28, 2020 and was recorded on June 16, 2020.
The property has 44,002 square feet of available development rights.
The average loan per buildable square foot is $386.
The financing includes a $9.7 million gap loan. The last time the property sold was August 30, 2017, for $3,300,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link