Justin Stern borrows $22M from Valley National Bank for development in Bushwick

Justin Stern through the entity Occam Suy LLC and Occam Oz LLC as borrower signed a loan agreement with lender Valley National Bank valued at $21.8 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 23 residential units at 605 Hart Street in Bushwick. The deal closed on December 11, 2019 and was recorded on December 24, 2019.

At the same time as this loan, Stern’s two entities, Occam Suy LLC as landlord and Occam Oz LLC as tenant, executed a ground lease. Gary Spindler of Park-It Management held $7 million in previous debt which was assigned to Valley National Bank.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 56,416 square feet. Those plans include a total of 57 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link