Workable City Development obtained financing of $8M from FLUSHING BANK

Workable City Development through the entity WORKABLE ATLANTIC LLC as borrower signed a loan agreement with lender FLUSHING BANK valued at $8.0 million for 1 parcel, including the tax class miscellaneous garage (G9) at 1236 Atlantic Avenue in Crown Heights. The deal closed on June 25, 2019 and was recorded on July 17, 2019.
The property contains a total of 41,712 square feet of built space.
The average loan per buildable square foot is $192.
The last time the property sold was December 12, 2018, for $17,100,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 56 residential (or hotel) units on December 31, 2012.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,282,034. There was one renovation/alteration project (A2) applied for with a total estimated value of $149,112.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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