Madison Realty Capital borrows $18M from New York Community Bank for multifamily property in Park Slope

Josh Zegen’s Madison Realty Capital through the entity 78 Prospect Park Brooklyn LLC as borrower signed a loan agreement with lender New York Community Bank valued at $17.8 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 41 residential units at 78 Prospect Park West in Park Slope. The deal closed on November 21, 2019 and was recorded on December 3, 2019.
The property contains a total of 41,113 square feet of built space.
The average loan per unit is $432,927.
The last time the property sold was September 9, 2015, for $28,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 40 residential (or hotel) units on April 10, 2019.
Over the past five years, there have been 4 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 $50,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $904,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link