Leser Group borrows $11M from the Bank of Princeton for new multifamily property in Longwood Melrose

Naftali Leser’s Leser Group through the entity 1181 Sherman Avenue LLC as borrower signed a loan agreement with lender The Bank Of Princeton valued at $11.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 43 residential units at 1181 Sherman Avenue in Longwood Melrose. The deal closed on November 27, 2019 and was recorded on December 17, 2019.
The property contains a total of 30,953 square feet of built space. The property has 31,503 square feet of available development rights.
The average loan per unit is $265,116.
The last time the property sold was January 24, 2017, for $1,493,863.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 43 residential (or hotel) units on July 24, 2019.
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 30,953 square feet. Those plans include a total of 43 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link