Joel Shafran borrows $10.5M from Popular Bank for property in Kensington

Joel Shafran through the entity 385 Mcdonald Realty, LLC as borrower signed a loan agreement with lender Popular Bank valued at $10.5 million for 1 parcel, including the tax class miscellaneous (H9) at 385 McDonald Avenue in Kensington. The deal closed on December 15, 2020 and was recorded on December 31, 2020.
The property contains a total of 44,000 square feet of built space.
The average loan per buildable square foot is $239.
The last time the property sold was March 25, 2014 for $2,831,000.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $447,798.

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