Joel Wertzberger borrows $35M from Citi Real Estate Funding for property in Flatbush

Joel Wertzberger through the entity 824 East NY Ave LLC as borrower signed a loan agreement with lender Citi Real Estate Funding Inc. valued at $34.5 million for the newly completed, 94-unit 824 East New York Avenue in Flatbush. The deal closed on September 12, 2019 and was recorded on September 17, 2019.
The property contains a total of 83,582 square feet of built space.
The average loan per unit is $367,021.
The last time the property sold was September 24, 2015, for $7,925,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 93 residential units on June 25, 2019.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $25,000.There has been one new building permit application totaling 69,324 square feet. Those plans include a total of 93 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link