Mendel Kaff borrows $11.2M from Esquire Bank for rental purchase in Soundview

Mendel Kaff through the entity Wheeler Housing, LLC as borrower signed a loan agreement with lender Esquire Bank valued at $11.2 million for 2 parcels, including the tax class garden apartments/mobile home park/trailer park (C9) and containing 84 residential units at 1050 Wheeler Avenue, 1085 Colgate Avenue in Soundview. The deal closed on July 8, 2020 and was recorded on July 15, 2020.
The property contains a total of 66,000 square feet of built space. The property has 135,843 square feet of available development rights.
The average loan per unit is $133,333.
Kaff acquired the two properties at the same time, from the Related Companies, for $13 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. There was one renovation/alteration project (A2) applied for with a total estimated value of $58,950.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link