Lincoln Equities Group borrows $48M from Fortress Investment Group for industrial property in Crown Heights

Lincoln Equities Group through the entity Franklin Ave Property Owner LLC as borrower signed a loan agreement with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $48.2 million for 2 parcels, including the tax class light manufacturing building (F5) at 962 Franklin Avenue, 972 Franklin Avenue in Crown Heights. The deal closed on December 12, 2019 and was recorded on December 17, 2019.
The property has 214,871 square feet of available development rights.
The average loan per buildable square foot is $224.
The last time the property sold was November 17, 2017, for $33,000,000.

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 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