Marvin Rubin signs $20M construction loan for 110-unit development in Gravesend

Marvin Rubin through the entity Cropsey Airs Fee Holder LLC as borrower signed a new construction loan with lender Cross River Bank valued at $20 million for the development site (V1) at 2226 Cropsey Avenue in Gravesend, Brooklyn.
The deal closed on June 30, 2021 and was recorded on July 23, 2021.
(321600362) Plans for a 110-unit, 63,315 square-foot residential R-2 building were filed on April 27, 2021.
The loan price per buildable square foot is $316 per the PincusCo analysis.
The owner bought the property on 20-Jan-15, for $30.1 million.
The signatory for Marvin Rubin was Baila Rubin.

Marvin Rubin, who previously signed for the deed on the property is principal of the Allure Group, a chain of nursing homes. The property was previously owned by Sephardic Home for the Aged.
Within a 400-foot radius of 2226 Cropsey Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for a major renovation including a certificate of occupancy change. It was a permit issued on November 29, 2019 for the $2.9 million renovation of 17,350-square-foot I-4 building at 2266 Cropsey Avenue.
One of those two items was a loan which Gerasimos Menegatos borrowed $5.6 million from JPMorgan Chase secured by the 29,944-square-foot, 44-unit rental (C1) on 2253 Cropsey Avenue on July 21, 2021.

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