Moshe Steiner borrows $7M from Arbor Realty Trust for 76-unit rental in Parkchester

Moshe Steiner through the entity 1381 Castle Realty LLC as borrower signed a loan agreement with lender Arbor Realty Trust through its Arbor Commercial Funding I, LLC valued at $7 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 76 residential units at 1381 Castle Hill Avenue in Parkchester. The deal closed on August 4, 2020 and was recorded on August 31, 2020.
The property contains a total of 72,500 square feet of built space.
The average loan per unit is $92,105.

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 $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link