Sutton Management borrows $8M from TD Bank for mixed-use property in Clinton Hill

Samuel Sutton’s Sutton Management through the entity M401 Associates LLC. as borrower signed a loan agreement with lender TD Bank through the entity Td Bank, N.A. valued at $8.4 million for 2 parcels, including the tax class bank building with or without parking (K7) and containing 3 residential units at 402 Myrtle Avenue, 406 Myrtle Avenue in Clinton Hill. The deal closed on January 14, 2020 and was recorded on February 5, 2020.
The property has 17,706 square feet of available development rights.
The average loan per buildable square foot is $474.
The last time the property sold was June 12, 2007, for $3,700,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 10 residential units on May 6, 2019.
Over the past five years, there have been 6 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 $2,824,000. Those filings sought to increase the number of residential units by 10 to 10 There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $399,380.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link