Isaac Kurtz borrows $23M from Natixis for multifamily property in Sunset Park

Isaac Kurtz through the entity 725 4th Owner LLC as borrower signed a loan agreement with lender Natixis Real Estate Capital LLC valued at $23.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 164 residential units at 725 4th Avenue in Sunset Park. The deal closed on December 31, 2019 and was recorded on January 22, 2020.
The property contains a total of 130,484 square feet of built space. The property has 240,265 square feet of available development rights.
The average loan per unit is $140,244.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $80,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link