Isaac Dahan borrows $25M from Sterling National Bank for multifamily property in Williamsburg

Isaac Dahan through the entity 428 Wythe, LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $25.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 32 residential units at 426 Wythe Avenue in Williamsburg. The deal closed on November 7, 2019 and was recorded on December 2, 2019.
The property contains a total of 23,921 square feet of built space. The property has 25,271 square feet of available development rights.
The average loan per unit is $781,250.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,899,000. Those filings sought to increase the number of residential units by 19 to 19 There was one renovation/alteration project (A2) applied for with a total estimated value of $217,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link