Parkoff borrows $5.7M from Signature to refi 48-unit rental in Sheepshead Bay

The Parkoff Organization through the entity 2828 Kings Assets LLC as borrower signed a loan agreement with lender Signature Bank valued at $5.7 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 48 residential units at 2828 Kings Highway in Sheepshead Bay. The deal closed on September 14, 2020 and was recorded on October 2, 2020.
The property contains a total of 46,800 square feet of built space.
The average loan per unit is $118,750.

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 $25,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link