Margate Atlantic Properties borrows $6M from Signature Bank for commercial property in Bushwick

Michael Betesh’s Margate Atlantic Properties through the entity 315 Wyckoff Holding LLC as borrower signed a loan agreement with lender Signature Bank valued at $6.3 million for 3 parcels, including the tax class office building with commercial with one to six stories (O5) at 315 Wyckoff Avenue, 313 Wyckoff Avenue, Linden Street in Bushwick. The deal closed on March 4, 2020 and was recorded on March 12, 2020.
The property has 60,788 square feet of available development rights.
The average loan per buildable square foot is $103.
The last time the property sold was October 7, 2014, for $8,200,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $483,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link