Simcha Applegrad obtains a $20M construction loan from Investors Bank for development in Soundview

Simcha Applegrad through the entity Watson Ave Estates LLC as borrower signed a new construction loan agreement with lender Investors Bank valued at $20 million for 1484 Watson Avenue in Soundview. The deal closed on June 22, 2020 and was recorded on July 6, 2020.

The last time the property sold was April 27, 2018, when Applegrad bought the parcel from Related Companies for $5 million.

Over the past five years, there have been 3 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 $18,000,000. Those filings sought to increase the number of residential units by 60 to 108 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $735,120.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link