Jacob Kohn borrows $52M from Argentic for multifamily properties in Bushwick

Jacob Kohn through the entity 737 Bushwick Realty LLC as borrower signed a loan agreement with lender Argentic Real Estate Finance LLC valued at $52.1 million for 9 parcels, including the tax class three-family (C0) and containing 152 residential units at 737 Bushwick Avenue, 735 Bushwick Avenue, 70 Bushwick Avenue, 934 Lafayette Avenue, 890 Bushwick Avenue, and others in Bushwick. The deal closed on February 26, 2020 and was recorded on March 3, 2020.
The property has 99,294 square feet of available development rights.
The average loan per unit is $342,599.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for at least one of these parcels 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 $140,910. Those filings sought to increase the number of residential units by 3 to 6 There was one renovation/alteration project (A2) applied for with a total estimated value of $173,550.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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