Mitchell Shpelfogel borrows $16M from Citibank for multifamily property in Bay Ridge

Mitchell Shpelfogel through the entity Sg & Sons Realty LLC as borrower signed a loan agreement with lender Citibank through its Citi Real Estate Funding Inc valued at $16.2 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 119 residential units at 321 Ovington Avenue in Bay Ridge. The deal closed on January 21, 2020 and was recorded on January 29, 2020.
The property contains a total of 92,224 square feet of built space.
The average loan per unit is $136,134.
The prior debt on the building, provided in 2016, totaled $17 million. The last time the property sold was May 12, 2009, for $11,225,000.

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