Kol Yaacov borrows $9M from Sterling National Bank for property in Ocean Parkway

Kol Yaacov as borrower signed a loan agreement with lender Sterling National Bank valued at $8.5 million for 1 parcel, including the tax class one-story store building (K1) at 1703 McDonald Avenue in Ocean Parkway. The deal closed on August 6, 2019 and was recorded on September 23, 2019.
The property contains a total of 30,500 square feet of built space.
The average loan per buildable square foot is $279.
The last time the property sold was January 29, 2019, for $6,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on February 6, 2014.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link