Lawrence Bernstein borrows $61M from Capital One for property in Flatbush

Lawrence Bernstein through the entity 217-227 East 7th Street L.L.C. as borrower signed a loan agreement with lender Capital One valued at $61.0 million for 5 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 511 residential units at 1620 Caton Avenue, 214 East 8th Street, 217 East 7th Street, 315 Ocean Parkway, 465 East 7th Street in Flatbush. The deal closed on October 3, 2019 and was recorded on October 11, 2019.

The average loan per unit is $119,374.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for one of the buildings, with 30 residential units, on August 31, 2016.
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 were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $230,001. Those filings sought to increase the number of residential units by 4 to 61
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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