Joel Gluck borrows $53M from Sterling National Bank for multifamily property in Williamsburg

Joel Gluck through the entity The North Flats LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $53.0 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 92 residential units at 180 North 7th Street in Williamsburg. The deal closed on February 6, 2020 and was recorded on February 13, 2020.
The property contains a total of 67,508 square feet of built space.
The average loan per unit is $576,087.
The last time the property sold was December 8, 2011, for $10,700,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 92 residential (or hotel) units on May 27, 2014.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $6,100,000. Those filings sought to increase the number of residential units by 92 to 92 There was one renovation/alteration project (A2) applied for with a total estimated value of $115,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link