Wing Fung Home Realty Group borrows $15M from Ponce Bank for property in Bushwick

Wing Fung Home Realty Group through the entity 1397 Myrtle LLC as borrower signed a loan agreement with lender Ponce Bank valued at $15.0 million for 1 parcel, including the tax class one-story store building (K1) at 1401 Myrtle Avenue in Bushwick. The deal closed on September 27, 2019 and was recorded on October 11, 2019.
The average loan per buildable square foot is $395.
The last time the property sold was November 14, 2014, for $4,800,000.

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. There has been one new building permit application totaling 56,973 square feet. Those plans include a total of 49 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link