Katz Realty Group borrows $5M from Capital One for property in Kensington

Katz Realty Group through the entity Morris Realty Of New York, LLC as borrower signed a loan agreement with lender Capital One valued at $5.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 84 residential units at 125 Ocean Parkway in Kensington. The deal closed on October 8, 2019 and was recorded on October 16, 2019.
The property contains a total of 94,252 square feet of built space. The property has 20,712 square feet of available development rights.
The average loan per unit is $59,524.
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 was one renovation/alteration project (A2) applied for with a total estimated value of $48,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link