Isaac Chetrit borrows $9.8M from Signature Bank to purchase retail in Sheepshead Bay

Isaac Chetrit through the entity Abs 2870 LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.8 million to buy one parcel, including the tax class one-story store building (K1) at 2870 Ocean Avenue in Sheepshead Bay. The deal closed on August 28, 2020 and was recorded on September 1, 2020.
The property contains a total of 22,714 square feet of built space. The property has 150,384 square feet of available development rights.
The average loan per buildable square foot is $65.
This was an acquisition loan.

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