Steven Neuman signs $7.5M refi with Patriot Bank for rental in Crown Heights

Steven Neuman through the entity 975 Washington Property LLC as borrower signed a refi loan with lender Patriot Bank valued at $7.5 million for the 44-unit rental (C1) at 975 Washington Avenue in Crown Heights, Brooklyn.
The deal closed on July 29, 2021 and was recorded on August 17, 2021.
The property has 31,203 square feet of built space and 28,470 square feet of additional air rights for a total buildable of 59,718 square feet according to PincusCo analysis of city data. The loan price per built square foot is $238 and the price per buildable square foot is $124 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on 19-Dec-16, for $10.6 million.
The signatory for Steven C. Neuman was Steven C. Neuman.
Over the past five years, there have been 8 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 $2 million. Those filings sought to increase the number of residential units by 22 to 66. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $489,500. One of the projects were to change the building from a RES to a R-2and change the number of residential units from 44 to 66 and were permitted on June 11, 2018.
The owner according to the Department of Housing Preservation and Development is Ubeid Lalicic, head officer. The business entity is 975 Washington Property Llc.

Within a 400-foot radius of 975 Washington Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Lincoln Equities Group borrowed $48.2 million from Fortress Investment Group secured by the 12,968-square-foot industrial (F5) on 962 Franklin Avenue and one other property on December 17, 2019.

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