Madison Realty buys $23M of debt from Ladder Capital on Lightstone Management rental

Ladder Capital through the entity Ladder Capital Realty II LLC assigned a loan agreement valued at $23 million to Madison Realty Capital through the entity 200-210 Linden Blvd LLC for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 69 residential units at 200 Linden Boulevard in Flatbush. The deal closed on April 17, 2020 and was recorded on April 30, 2020.
The property contains a total of 71,448 square feet of built space.

Madison Realty Capital picked up the $23 million in debt secured by the newly completed rental building. Berel “Barry” Farkas’s Lightstone Management developed and owns the property, and obtained the $23 million loan from Ladder Capital in September 2019. The last time the property sold was February 4, 2015, for $2,150,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 69 residential units on December 31, 2019.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,013,000.  There was one renovation/alteration project (A2) applied for with a total estimated value of $74,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link