Ryback Development obtained financing of $14M from Valley National Bank

Ryback Development through the entity 2633 Ocean Avenue LLC as borrower signed a loan agreement with lender Valley National Bank valued at $14.0 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 2633 Ocean Avenue in Sheepshead Bay. The deal closed on July 24, 2019 and was recorded on August 07, 2019.
The property contains a total of 42,000 square feet of built space. The property has 42,000 square feet of available development rights.
The average loan per buildable square foot is $333.
The last time the property sold was May 23, 2018, for $4,500,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.There has been one new building permit application totaling 41,999 square feet. Those plans include a total of 60 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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