Meir Gutfreund borrows $10M from Flushing Bank for multifamily property in Longwood Melrose

Meir Gutfreund through the entity East 163 LLC as borrower signed a loan agreement with lender Flushing Bank valued at $10.3 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 103 residential units at 351 East 163rd Street, 361 East 163rd Street in Longwood Melrose. The deal closed on April 23, 2020 and was recorded on May 11, 2020.
The property has 119,782 square feet of available development rights.
The average loan per unit is $99,515.
The refinancing included a gap loan of $3.8 million.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link