Michael Contillo borrows $26M from Oceanfirst Bank for warehouse property in Tremont

Michael Contillo through the entity 500 Brush, LLC as borrower signed a loan agreement with lender Oceanfirst Bank N.A. valued at $26.0 million for 3 parcels, including the tax class miscellaneous warehouse (E9) at 500 Brush Avenue, 550 Brush Avenue in Tremont. The deal closed on February 7, 2020 and was recorded on February 18, 2020.
The property contains a total of 88,812 square feet of built space. The property has 202,392 square feet of available development rights.
The average loan per buildable square foot is $128.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $96,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link