Rockford Holdings Group borrows $6.8M from Valley National Bank for property in East Williamsburg

Rockford Holdings Group through the entity 535 Grand LLC as borrower signed a loan agreement with lender Valley National Bank valued at $6.8 million for 1 parcel, including the tax class primarily one family with store or office (S1) and containing 10 residential units at 535 Grand Street in East Williamsburg. The deal closed on January 29, 2021 and was recorded on February 19, 2021.
The property contains a total of 9,907 square feet of built space.
The average loan per buildable square foot is $686.
The signatory for the borrower was Rockford Holdings Group’s Steven Markowsky.  The last time the property sold was January 8, 2018 for $2,825,000.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,405,000.0. Those filings sought to increase the number of residential units by 8 to 10 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $158,380.

Direct link to Acris document. link