Mordechai M. Nagel obtained financing of $9M from Peapack Gladstone Bank

Mordechai M. Nagel through the entity 85 Ep LLC as borrower signed a loan agreement with lender Peapack Gladstone Bank valued at $8.6 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 41 residential units at 85 Eastern Parkway in Prospect Heights. The deal closed on August 28, 2019 and was recorded on September 04, 2019.
The property contains a total of 49,800 square feet of built space. The property has 26,670 square feet of available development rights.
The average loan per unit is $209,756.
The last time the property sold was November 30, 2012, for $2,215,038.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 45 residential (or hotel) units on February 14, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3,514,408. Those filings sought to increase the number of residential units by 43 to 127 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $196,895.
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Direct link to the city’s interactive property map, ZOLA. link

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