Shermerhorn Hotel, LLC obtained financing of $8M from Rerev5 LLC

Shermerhorn Hotel, LLC as borrower signed a loan agreement with lender Rerev5 LLC valued at $7.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 7 residential units at 88 Schermerhorn Street in Brooklyn Heights. The deal closed on July 31, 2019 and was recorded on August 13, 2019.
The property contains a total of 33,334 square feet of built space. The property has 22,764 square feet of available development rights.

The average loan per buildable square foot is $225.

The last time the property sold was October 01, 2014, for $11,000,000.

Over the past five years, there have been 2 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 39,040 square feet. Those plans include a total of 23 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 8 residential units.

Direct link to Acris document. link

Direct link to the city’s interactive property map, ZOLA. link

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