Joseph Weiss borrows $12M from Crown Bank for new development in Flatbush

Joseph Weiss through the entity Buddies Bro LLC as borrower signed a new construction loan agreement with lender Crown Bank valued at $12.4 million for 2 parcels at 150 Lenox Road, 152 Lenox Road in Flatbush. The deal closed on December 10, 2019 and was recorded on December 26, 2019.
The property has approximately 29,094 square feet of available development rights.
The average loan per buildable square foot is $426.
The last time the property sold was February 26, 2018, for $1,630,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 29,722 square feet. Those plans include a total of 42 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link