Joel Schwartz borrows $38M from Citigroup for multifamily property in Williamsburg

Joel Schwartz through the entity Metropolitan Park NY LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $38.0 million for 5 parcels, including the tax class miscellaneous institutional (I9) and containing 70 residential units at 211 South 4th Street, 77 Berry Street, 852 Metropolitan Avenue, 854 Metropolitan Avenue, 834 Lexington Avenue in Williamsburg. The deal closed on January 22, 2020 and was recorded on February 11, 2020.
The property has 74,064 square feet of available development rights.
The average loan per unit is $542,857.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link