Joel Wertzberger borrows $22M from Citi Real Estate Funding for property in Flatbush

Joel Wertzberger through the entity 530 Midwood LLC as borrower signed a loan agreement with lender Citi Real Estate Funding Inc. valued at $21.6 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 48 residential units at 550 Kingston Avenue in Flatbush. The deal closed on September 25, 2019 and was recorded on October 4, 2019.
The property contains a total of 62,119 square feet of built space.
The average loan per unit is $450,000.
The last time the property sold was May 6, 2013, for $5,550,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 42 residential (or hotel) units on October 7, 2016.
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 $854,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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