Steel Equities borrows $22M from New York Community for property in Brooklyn

Steel Equities through the entity Apollo Steel, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $22 million for 8 parcels, including the tax class fireproof warehouse (E1) at 100 Apollo Street, 375 Johnson Avenue, 377 Johnson Avenue, 375 Johnson Avenue, 132 Bogart Street, and others in Brooklyn. The deal closed on October 29, 2020 and was recorded on November 20, 2020.
The property has 148,007 square feet of built space and available development rights.
The average loan per buildable square foot is $148.
This is all new debt. This did not refinance any previous loans.
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.

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