Yerachmeal Jacobson borrows $24M from Popular Bank for property in Midwood

Yerachmeal Jacobson through the entity 1704 Ocean Avenue LLC as borrower signed a loan agreement with lender Popular Bank valued at $24.0 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) and containing 64 residential units at 1704 Ocean Avenue in Midwood. The deal closed on September 12, 2019 and was recorded on September 18, 2019.
The property contains a total of 59,840 square feet of built space. The property has 51,129 square feet of available development rights.
The average loan per unit is $375,000.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 63 residential (or hotel) units on June 5, 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 54,029 square feet. Those plans include a total of 63 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link