Marc Jacobowitz, Yerachmeal Jacobson sign $27.5M refi with Cross River Bank for rental in Midwood

Marc Jacobowitz and Yerachmeal Jacobson through the entity 1704 Ocean Avenue LLC as borrower signed a refi loan with lender Cross River Bank valued at $27.5 million for the 64-unit rental (D3) at 1704 Ocean Avenue in Midwood, Brooklyn.
The deal closed on November 16, 2021 and was recorded on December 22, 2021.
The property has 59,840 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $459 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Marc Jacobowitz and Yerachmeal Jacobson was Marc Jacobowitz and Yerachmeal Jacobson. The signatory for Cross River Bank was Allan J. Weiss.
(321153167)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 63 residential units on June 5, 2019. (321153167) Plans for a 63-unit, 54,029 square-foot R-2 were filed on July 17, 2015 and were permitted on December 28, 2015.
The owners according to the Department of Housing Preservation and Development includes Marc Jacobowitz, head officer and Joseph Kaniel, officer. The business entity is 1704 Ocean Avenue Llc.

Within a 400-foot radius of 1704 Ocean Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on December 7, 2020 for a 23,986-square-foot R-2 building with 35 residential units at 1730 Ocean Avenue.
One of those six items was a sale which Isaac Katz bought the 53,400-square-foot, 46-unit rental (D1) on 2005 Avenue L for $8.6 million from Tomas Rosenthal on June 17, 2020.
Of those six items, four were loans above $5 million totaling $24.1 million. The most recent of the four was Joseph Schik which borrowed $5.5 million from New York Community Bank secured by the 53,275-square-foot, 54-unit rental (D1) on 1233 East 19th Street on April 8, 2021.

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