Malek Management, Coney Realty sign $30.9M refi loan with Arbor Realty Trust for rental in East Flatbush

Malek Management and Coney Realty Group through the entity 2425 Nostrand Avenue Co. LLC as borrower signed a refi loan with lender Arbor Realty Trust through the entity Arbor Private Label LLC valued at $30.9 million for the 178-unit rental (D1) at 2425 Nostrand Avenue in East Flatbush, Brooklyn.
The deal closed on June 9, 2021 and was recorded on July 26, 2021.
The property has 204,830 square feet of built space and 0 square feet of additional air rights for a total buildable of 107,163 square feet according to PincusCo analysis of city data. The loan price per built square foot is $150 per the PincusCo analysis.
The owner bought the property on 16-Mar-15, for $32.1 million.
The signatory for Malek Management and Coney Realty Group was David Malek and Peter Rebenwurzel.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $577,600.
The owners according to the Department of Housing Preservation and Development include David Malek, head officer and Michael Malek, officer. The business entity is 2425 Nostrand Avenue Co LLC.

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