Raymour & Flanigan borrows $26M from JPMorgan Chase Bank for new store property in Marine Park

Raymour & Flanigan through the entity Brooklyn Flatbush Avenue, LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $26.0 million for 1 parcel, including the tax class stand-alone big box retail with parking (K8) at 2570 Flatbush Avenue in Marine Park. The deal closed on September 17, 2019 and was recorded on October 30, 2019.
The property contains a total of 55,200 square feet of built space.
The average loan per buildable square foot is $471.
The last time the property sold was October 14, 2015, for $1,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on October 25, 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 has been one new building permit application totaling 53,200 square feet. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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