Rubin Margules borrows $7.5M from JPMorgan Chase for 83-unit property in Kensington-Ocean Parkway

Rubin Margules through the entity M.R.A. Property Co. as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $7.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 83 residential units at 499 East 8th Street in Kensington-Ocean Parkway. The deal closed on October 15, 2020 and was recorded on October 28, 2020.
The property contains a total of 88,528 square feet of built space.
The average loan per unit is $90,361.

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 $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link