Toby Mandel, Bruman sign $22.9M construction loan for development site in Clinton Hill

Toby Mandel and Bruman Realty through the entity 1015 Holdings LLC as borrower signed a new construction loan with lender Bank of Princeton valued at $22.9 million for the development site (V0) at 1013 Atlantic Avenue in Clinton Hill, Brooklyn.
The deal closed on August 30, 2021 and was recorded on October 6, 2021.
(321918421) Plans for a 38-unit, 33,167 square-foot R-2 were filed on March 19, 2019.
The loan price per buildable square foot is $690 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 March 28, 2019, for $8 million.
The signatory for Toby Mandel and Bruman Realty was Toby Mandel.

Within a 400-foot radius of 1013 Atlantic Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on March 12, 2020 for the $529,585.0 renovation of 3,536-square-foot R-2 building with five residential units at 157 Lefferts Place.
One of those four items was a sale which Prospect Affordable Package LLC bought the 6,500-square-foot, eight-unit rental (C1) on 1063 Pacific Street and 13 other properties for $22.1 million from All Year Management on July 27, 2021.
Of those four items, two were loans above $5 million totaling $22.7 million. The most recent of the two was Cheskel Schwimmer which borrowed $5.0 million from ConnectOne Bank secured by the 5,520-square-foot, seven-unit rental (C1) on 127 Lefferts Place and one other property on August 3, 2021.

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