Maheschand Ratanji borrows $13M from Sterling National Bank for hotel in Flatbush

Maheschand Ratanji through the entity Flatbush Hotel LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $13 million for 1 parcel, including the tax class transient occupancy hotel (H3) and containing 69 residential units at 1024 Flatbush Avenue in Flatbush. The deal closed on August 19, 2020 and was recorded on September 2, 2020.
The property contains a total of 37,744 square feet of built space.
The average loan per unit is $188,406.
The loan is an acquisition loan that is greater than the purchase price. Ratanji is the guarantor of the loan.

Over the past five years, there have been 8 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 $4,082,121. Those filings sought to increase the number of residential units by 74 to 74 There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1,973,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link