The Temple of Restoration borrows $7M from Citizens Bank for property in Boerum Hill

The Temple of Restoration as borrower signed a loan agreement with lender Citizens Bank valued at $7.4 million for 490 Pacific Street, 72 3rd Avenue, 74 3rd Avenue, 76 3rd Avenue, 78 3rd Avenue in Boerum Hill. The deal closed on August 30, 2019 and was recorded on September 17, 2019. The sales has 5 parcels, including the tax class parsonage, rectory (M30.

The loan includes a $5.6 million gap mortgage. The last time the property sold was June 19, 2012, for $5,800,000.

Over the past five years, there have been 3 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 $1,124,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $108,376.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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