Maverick buys $5M note secured by All Year 10-unit rental in Bushwick

Maverick Real Estate Partners through the entity Myrtle Mixed Use LLC bought a note with an original principal of $5 million from Sterling National Bank secured by All Year Management’s 10-unit rental (C7) at 1157 Myrtle Avenue in Bushwick, Brooklyn.
The deal closed on June 23, 2021 and was recorded on July 8, 2021.
The property has 13,055 square feet of built space and 0 square feet of additional air rights for a total buildable of 8,492 square feet according to PincusCo analysis of city data.
The owner bought the property on 31-Jul-15, for $1.2 million.
(321146826) Plans for a 10-unit, 8,942 square-foot R-2 were filed on June 9, 2015 and were permitted on May 8, 2017.
Yoel Goldman of All Year Management was the signatory for the original $5 million loan from 2018.
The owner according to the Department of Housing Preservation and Development is Yoel Goldman, head officer. The business entity is 1157 Myrtle Llc.
Within a 400-foot radius of 1157 Myrtle Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $500,000 and one permit with a total initial cost of $420,000. The most recent of these three items was the filing on September 23, 2020 for a 3,128-square-foot R-2 building with four residential units at 11-1/2 Troutman Street.
Of those six items, three were loans above $5 million totaling $46.8 million. The most recent of the three was Wildenstein & Co. which borrowed $30.0 million from JPMorgan Chase Bank secured by the 91,366-square-foot, 99-unit rental (D1) on 626 Bushwick Avenue on March 31, 2021.

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