Jacob Fulop borrows $7M from Bank Leumi to refi multifamily property in Park Slope

Jacob Fulop through the entity 561 Fourth Ave LLC as borrower signed a loan agreement with lender Bank Leumi USA valued at $7 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 8 residential units at 561 4th Avenue in Park Slope. The deal closed on April 8, 2020 and was recorded on April 30, 2020.
The property contains a total of 10,827 square feet of built space. The property has 14,418 square feet of available development rights.
The average loan per buildable square foot is $486.
The last time the property sold was September 18, 2017, for $3,625,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on September 17, 2018.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,229,465. Those filings sought to increase the number of residential units by 2 to 9 There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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