Mordechai Halberstam borrows $12M from Santander Bank to refi multifamily property in East Williamsburg

Mordechai Halberstam through the entity Mazal And Bracha, LLC as borrower signed a loan agreement with lender Santander Bank, N.A. valued at $12.2 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 26 residential units at 20 Manhattan Avenue, 32 Varet Street in East Williamsburg. The deal closed on April 7, 2020 and was recorded on April 9, 2020.
The property has 49,000 square feet of available development rights.
The average loan per unit is $469,615.
This refinances a prior loan totaling $9.25 million from People’s United Bank.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,580,000. Those filings sought to increase the number of residential units by 16 to 48 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $400,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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