Joel Schwartz borrows $13M from Citi Real Estate Funding for property in Bushwick

Joel Schwartz through the entity Dekalb Plaza LLC as borrower signed a loan agreement with lender Citi Real Estate Funding Inc. valued at $12.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 25 residential units at 1433 Dekalb Avenue in Bushwick. The deal closed on September 25, 2019 and was recorded on October 17, 2019.
The property contains a total of 21,666 square feet of built space.
The average loan per unit is $500,000.
The last time the property sold was December 16, 2011, for $1,250,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 28 residential units on June 27, 2014.
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 $26,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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