Madison Realty collaterally assigns $26M to Customers Bank secured by Bed-Stuy property

Madison Realty collaterally assigned a $23 million first mortgage and a $3 million mezzanine loan to Customers Bank, which are loans given to borrower is Windsor Global, led by Chaim Nash and Jacob Gold. The amount Madison borrowed was not disclosed. The last time the property sold was March 25, 2015 for $7,350,000.
The asset is 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 44 residential units at 1520 Fulton Street in Bedford-Stuyvesant. The deal closed on December 31, 2020 and was recorded on February 11, 2021.
The property contains a total of 68,024 square feet of built space.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $4,000.

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