Steven Feldman borrows $18M from Rialto Mortgage Finance for retail property in Soundview

Steven Feldman through the entity Westchester 1888 LLC as borrower signed a loan agreement with lender Rialto Mortgage Finance, LLC valued at $18.2 million for 1 parcel, including the tax class one-story store building (K1) at 1888 Westchester Avenue in Soundview. The deal closed on December 31, 2019 and was recorded on January 15, 2020.
The property contains a total of 12,400 square feet of built space. The property has 23,432 square feet of available development rights.
The average loan per buildable square foot is $677.
The last time the property sold was June 22, 2018, for $12,280,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $5,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $981,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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