Werber Management borrows $25M from Signature Bank for multifamily property in Gowanus

Benjamin Werber’s Werber Management through the entity 202 Park Slope LLC as borrower signed a loan agreement with lender Signature Bank valued at $24.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 17 residential units at 438 4th Avenue in Gowanus. The deal closed on December 27, 2019 and was recorded on January 10, 2020.
The property contains a total of 56,868 square feet of built space.
The average loan per unit is $1,441,176.
The last time the property sold was September 3, 2013, for $37,750,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 51 residential (or hotel) units on April 11, 2013.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link