MRE Management borrows $17M from TD Bank for newly built property in Bushwick

MRE Management through the entity 1595 Broadway LLC as borrower signed a loan agreement with lender TD Bank valued at $16.6 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) and containing 32 residential units at 1595 Broadway in Bushwick. The deal closed on September 13, 2019 and was recorded on September 27, 2019.
The property contains a total of 47,358 square feet of built space. The property has 19,051 square feet of available development rights.
The average loan per unit is $518,750.
The last time the property sold was May 17, 2017, for $500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 32 residential (or hotel) units on May 23, 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 was one renovation/alteration project (A2) applied for with a total estimated value of $50,000.There has been one new building permit application totaling 35,474 square feet. Those plans include a total of 32 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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