Jacob Hirsch borrows $8M from Dime Community Bank for newly built multifamily property in Williamsburg

Jacob Hirsch through the entity Yesh Properties LLC as borrower signed a loan agreement with lender Dime Community Bank valued at $8 million for 1 parcel, including the tax class miscellaneous open space (Z9) and containing 10 residential units at 85 Rutledge Street in Williamsburg. The deal closed on June 5, 2020 and was recorded on June 18, 2020.
The property contains a total of 19,350 square feet of built space.
The average loan per buildable square foot is $413.
The financing includes a $1.2 million gap loan.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 10 residential units on March 23, 2020.
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.There has been one new building permit application totaling 15,088 square feet. Those plans include a total of 10 residential units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link