Raymour & Flanigan signs $15M refi with City National for two retail buildings in Gravesend

Raymour & Flanigan through the entity 3035 Cropsey Avenue, LLC as borrower signed a refi loan with lender City National Bank valued at $15 million for two retail buildings including the retail building (K1) at 1509 Hart Place in Gravesend, Brooklyn and retail building (K1) at 1505 Hart Place in Gravesend, Brooklyn.
The deal closed on May 10, 2021 and was recorded on May 27, 2021.
The two properties have 40,000 square feet of built space and 166,511 square feet of additional air rights for a total buildable of 206,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $375 and the price per buildable square foot is $72 per the PincusCo analysis.
The signatory for Raymour & Flanigan was Neil A. Rube. The signatory for City National Bank was Jay Yarnell.

Neil Rube is general counsel for Raymour & Flanigan.

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