Isaac Chetrit buys $21.5M note secured by AB Capstone retail

Isaac Chetrit bought a $21.5 million note from Signature Bank secured by AB Capstone retail.

Chetrit’s AB & Sons through 1100-1114 KH Realty LLC bought the notes from Signature Bank valued at $21.5 million for 2 parcels, including the tax class one-story store building (K1) at 2067-2073 Coney Island Avenue and 1100-1114 Kings Highway in Sheepshead Bay. The deal closed on March 8, 2021 and was recorded on March 15, 2021. The property is owned by AB Capstone and Richard Harris.
The property has 29,500 square feet of built space and available development rights.

Isaac Chetrit’s AB & Sons bought the debt with a maximum principal of $21.5 million secured by Meir Babaev’s AB Capstone, which owns 70% and Richard Harris who owns 30%. AB & Sons simultaneously borrowed an unknown amount from Signature Bank and collaterally assigned the loan back to Signature Bank.
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