Sun Equity buys note on 18-unit Bushwick rental

Sun Equity Partners bought a note from Leste’s Lc 04 Special, LLC with an original maximum principal of $6 million secured by a building with the tax class multifamily, semi-fireproof with stores (D7) and containing 18 residential units at 651 Bushwick Avenue in Bushwick. The deal closed on December 29, 2020 and was recorded on February 1, 2021. The building is owned by Leon Farhi.
The property contains a total of 22,456 square feet of built space.

The borrower’s entity is NH Bushwick LLC.  The last time the property sold was December 5, 2013 for $1,150,000.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $25,000.

Direct link to Acris document. link