NRP Mortgage Trust buys $3.95M note secured by 10-unit in Flatbush

NRP Mortgage Trust I bought a note with an original principal of $3.95 million from Conventus LLC secured by Fraidy Sofer’s 10-unit rental (D6) at 474 East New York Avenue in Flatbush, Brooklyn.
The deal closed on April 29, 2021 and was recorded on May 28, 2021.
The property has 7,633 square feet of built space and 0 square feet of additional air rights for a total buildable of 6,075 square feet according to PincusCo analysis of city data.
The owner bought the property on 15-Sep-14, for $640,000.
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.
The owner entity is 474 E New York Avenue LLC.

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