Simcha Applegrad borrows $10M from Arbor Realty Trust for multifamily property in Morrisania

Simcha Applegrad through the entity Franklin Ave Estates Owner LLC as borrower signed a loan agreement with lender Arbor Realty Trust through the entity Arbor Private Label, LLC valued at $10.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 44 residential units at 1208 Franklin Avenue in Morrisania. The deal closed on January 24, 2020 and was recorded on January 28, 2020.
The property contains a total of 68,300 square feet of built space.
The average loan per unit is $227,273.
The last time the property sold was August 25, 2015, for $7,750,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 44 residential units on September 25, 2014.
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 $1,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $196,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link