Jeffrey Puchin borrows $6.6M from Bank Leumi for rehabbed property in Flatbush

Jeffrey Puchin through the entity 223 Martense LLC as borrower signed a loan agreement with lender Bank Leumi USA valued at $6.6 million for 2 parcels, including the tax class four families (C3) and containing 18 residential units at 223 Martense Street and 221 Martense Street in Flatbush. The deal closed on July 24, 2020 and was recorded on July 29, 2020.

Joel Rubin assigned $4.4 million in debt to Bank Leumi, and the bank added an additional $2.2 million in debt. The last time the property sold was March 22, 2018, for $1,100,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the buildings on July 10, 2020.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,353,450. Those filings sought to increase the number of residential units by 5 to 9
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link