Solomon Rubin borrows $10M from Metropolitan Commercial Bank for property in Ocean Parkway

Solomon Rubin through the entity 631-635 Foster Avenue, LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $10.1 million for 1 parcel, including the tax class adult care facility (I7) and containing 120 residential units at 635 Foster Avenue in Ocean Parkway. The deal closed on August 28, 2019 and was recorded on September 18, 2019.
The property contains a total of 51,240 square feet of built space. The property has 9,030 square feet of available development rights.
The average loan per unit is $84,000.
The last time the property sold was November 6, 2013, for $6,900,000.

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 $28,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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