Leser Group refis $35M previously held by Madison Realty with Cross River Bank for property in Kensington

The Leser Group through the entity Mapleton Group LLC as borrower signed a loan agreement with lender Cross River Bank valued at $35 million for 14 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) at 1560 60th Street and others in Kensington. The deal closed on July 21, 2020 and was recorded on July 29, 2020.

Madison Realty Capital bought $55 million in debt covering these and additional properties, from Axos in June.  Leser split the debt and Madison assigned this $35 million of debt to Cross River Bank. The last time the property sold was April 17, 2013, for $17,500,000.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 13 new building permit applications totaling 208,960 square feet. Those plans include a total of 128 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link