Joseph Banda obtained financing of $35M from Valley National Bank

Joseph Banda through the entity Ocean Units LLC as borrower signed a loan agreement with lender Valley National Bank valued at $35.0 million for 2 parcels, including the tax class unlicensed parking lot (G7) and containing 180 residential units at 1825 Ocean Avenue in Midwood. The deal closed on July 03, 2019 and was recorded on August 05, 2019.
The property contains a total of 157,582 square feet of built space.
The average loan per unit is $194,444.
The last time the property sold was February 05, 2016, for $6,300,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 90 residential (or hotel) units on April 11, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $120,000.There has been one new building permit application totaling 63,291 square feet. Those plans include a total of 90 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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