Yitzchok Katz borrows $14M from Berkadia Commercial for newly constructed rental in East Flatbush

Yitzchok Katz through the entity 1542 NY, LLC as borrower signed a loan agreement with lender Berkadia Commercial Mortgage LLC valued at $14.5 million for a building with 36 residential units at 1542 New York Avenue in East Flatbush. The deal closed on February 21, 2020 and was recorded on February 26, 2020.

The average loan per unit is $402,500.
Berkadia assigned the loan to Fannie Mae. The last time the property sold was July 20, 2017, for $1,030,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 36 residential units on October 8, 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 24,521 square feet. Those plans include a total of 36 residential units. There have been 2 demolition projects filed over the past five years. The demolition included 3 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link