Marc Faham borrows $11.2M from New York Community Bank for multifamily property in Flatbush

Marc Faham through the entity 601 Albany Realty Corp. as borrower signed a loan agreement with lender New York Community Bank valued at $11.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 143 residential units at 601 Albany Avenue in Flatbush. The deal closed on July 10, 2020 and was recorded on July 22, 2020.
The property contains a total of 120,648 square feet of built space.
The average loan per unit is $77,972.

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 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