Laboz family doubles debt on Brooklyn Heights commercial building to $22M

The Laboz family’s United American Land through the entity 397 Bridge LLC as borrower signed a loan agreement with lender Signature Bank valued at $22 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 397 Bridge Street in Brooklyn Heights. The deal closed on March 24, 2020 and was recorded on April 30, 2020.
The property contains a total of 34,378 square feet of built space. The property has 41,118 square feet of available development rights.
The average loan per buildable square foot is $535.
The debt package includes a $10.4 million gap mortgage. The prior lender was Israel Discount Bank. The last time the property sold was January 30, 2015, for $14,700,000.

Over the past five years, there have been 9 NYC Department of Buildings permit applications 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 $3,354,380. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,473,599.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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