The Brooklyn Tabernacle borrows $43M from Investors Bank for property in Brooklyn Heights

The Brooklyn Tabernacle as borrower signed a loan agreement with lender Investors Bank valued at $43.0 million for 5 parcels, including the tax class church, synagogue, chapel (M1) at 17 Smith Street and 180 Livingston Street in Brooklyn Heights. The deal closed on October 11, 2019 and was recorded on October 28, 2019.

$20 million of the $43 million is a building loan, while $23 million is a land loan that refinanced existing debt. The Brooklyn Tabernacle is a non-denominational church.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 18, 2019.
Over the past five years, there has been one NYC Department of Buildings permit application 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 $3,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link