Mahesh Ratanji paid $9M to Sterling National Bank

Mahesh Ratanji through the entity 1045 Flatbush Avenue LLC paid Sterling National Bank $8.8 million for 1 parcel, including the tax class office bank building designed exclusively for banking (O6) at 1041 Flatbush Avenue in Flatbush. The deal closed on July 29, 2019 and was recorded on August 08, 2019. The parcel(s) have total development potential of 47,038 square feet.
The average sale price per square foot is $284.
The estimated cap rate is 2.7%

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $48,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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