Maheshchand Ratanji gets $11M construction loan from Ponce Bank for development in Homecrest

Maheshchand Ratanji through the entity 2320 Coney LLC as borrower signed a loan agreement with lender Ponce Bank valued at $11 million for 1 parcel, including the tax class vacant non-residential at 2316 Coney Island Avenue in Homecrest. The deal closed on October 6, 2020 and was recorded on October 23, 2020.
The property contains a total of 19,928 square feet of built space. The property has 19,928 square feet of available development rights.
The average loan per buildable square foot is $276.
This is a new construction loan, but no development plans have been filed. A one-story building that had been on the parcel was demolished, with the work signed off in January 2020. The last time the property sold was September 17, 2018, for $5,177,138.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link