Sterling National sells small loan secured by large Prospect Lefferts Garden retail

Sterling National Bank sold a small loan originally valued at $1.5 million and now worth about half that to the entity A&R Associates And Mgmt LLC secured by the tax class retail building with apartments above (K4) at 495 Flatbush Avenue in Prospect Lefferts Gardens, Brooklyn. The deal closed on August 6, 2020 and was recorded on August 20, 2020.
The property is secured by a retail building owned by Albert Srour, Ruthy Srour, Jose Kechek, Bettina Kechek, Ernest Maslaton and Henriette Maslaton, according to loan documents.
The property contains a total of 110,000 square feet of built space.

The loan buyer paid $894,566.69 for the loan that at its origination in 2003 was $1.5 million. The new debt owner entity is at the address shared by the attorney Jeffrey E. Mehl. The signatory for Sterling National Bank was Yadira Lopez.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 27, 2018.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,480,255. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $285,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link