Jacob Leifer obtained financing of $9M from Spruce Capital Partners

Jacob Leifer through the entity 1617 Brooklyn Avenue LLC as borrower signed a loan agreement with lender Spruce Capital Partners through the entity S3 Re Funding III LLC valued at $9.0 million for 2 parcels, including the tax class two-family, frame (B2) and containing 3 residential units at 1617 Brooklyn Avenue, 1611 Brooklyn Avenue in East Flatbush. The deal closed on July 30, 2019 and was recorded on August 23, 2019.
The property contains a total of 2,544 square feet of built space. The property has 14,840 square feet of available development rights.
The average loan per buildable square foot is $463.
The last time once of these properties sold was April 23, 2018, for $1,265,000.

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 has been one new building permit application totaling 24,704 square feet. Those plans include a total of 35 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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