Joel Gluck’s Spencer Equity Group and NYC Housing Partnership borrows $47M from Santander Bank for property in Coney Island

Joel Gluck’s Spencer Equity Group and NYC Housing Partnership through the entity Friendset Apts Housing Development Fund Corp as borrower signed a loan agreement with lender Santander Bank, Na valued at $47.4 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 259 residential units at 2911 West 36th Street in Coney Island. The deal closed on December 2, 2019 and was recorded on December 9, 2019.
The property contains a total of 229,865 square feet of built space.
The average loan per unit is $183,012.
The last time the property sold was July 30, 2018, for $50,000,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $180,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link