Harry Reichman obtains $6M building loan from Lakeland Bank for office development in Kensington

Harry Reichman through the entity RD Brooklyn LLC as borrower signed a loan agreement with lender Lakeland Bank valued at $6 million for an office expansion at 1575 46th Street and 4512 16th Avenue and in Kensington. The deal closed on May 28, 2020 and was recorded on July 8, 2020.
The property contains a total of square feet of built space. The property has 44,002 square feet of available development rights.
The average loan per buildable square foot is $136.
The building loan is for the 23,045-square-foot expansion of an office building. A $17 million loan was recorded against the property last month.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link