Urban Storage Fund extends $12.6M loan from PNC Bank for storage in East New York

Urban Storage Fund through the entity Urban-Sers Sheffield, LLC as borrower signed a loan agreement with lender Pnc Bank, National Association valued at $12.6 million for 1 parcel, including the tax class light manufacturing building (F5) at 300 Sheffield Avenue in East New York. The deal closed on July 29, 2020 and was recorded on August 3, 2020.
The property contains a total of 105,389 square feet of built space.
The average loan per buildable square foot is $120.
This filing records a loan extension with no other changes. The last time the property sold was March 20, 2015, for $10,300,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on July 23, 2019.
Over the past five years, there have been 5 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 $500,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $341,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link