Stellar Management borrows $11.5M from BankUnited for 154-unit rental in Soundview

October 7, 2020 7:26 am

Laurence Gluck’s Stellar Management through the entity Stellar Morrison LLC as borrower signed a loan agreement with lender BankUnited valued at $11.5 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 154 residential units at 1240 Morrison Avenue in Soundview. The deal closed on September 3, 2020 and was recorded on October 6, 2020.
The property contains a total of 147,727 square feet of built space.
The average loan per unit is $74,873.

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 $225,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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