Stellar Management borrows $17M from New York Community Bank for property in Morris Park

Stellar Management through the entity Janel Towers LLC as borrower signed a loan agreement with lender New York Community Bank valued at $16.9 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 230 residential units at 801 Neill Avenue in Morris Park. The deal closed on August 27, 2019 and was recorded on October 1, 2019.
The property contains a total of 252,400 square feet of built space. The property has 9,705 square feet of available development rights.
The average loan per unit is $73,393.
The last time the property sold was January 3, 2006, for $11,500,000.

Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $875,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link