Yaakov Geldzahler obtained financing of $11M from Popular Bank

Yaakov Geldzahler through the entity 346 Rutland Realty LLC as borrower signed a loan agreement with lender Popular Bank valued at $10.5 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 26 residential units at 346 Rutland Road, 335 Fenimore Street in Prospect Lefferts Gdns. The deal closed on July 31, 2019 and was recorded on August 19, 2019.
The property contains a total of 29,341 square feet of built space. The property has 7,560 square feet of available development rights.
The average loan per unit is $403,846.
The last time the property sold was June 29, 2017, for $1,300,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 13 residential (or hotel) units on March 16, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 8,764 square feet. Those plans include a total of 13 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 4 residential units.
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Direct link to the city’s interactive property map, ZOLA. link

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