Yosef Rabinowitz borrows $8M from M&T Bank for community facility in Rockaway Park

Yosef Rabinowitz through the entity 226 Beach 101 LLC as borrower signed a loan agreement with lender M&T Bank valued at $8 million for a community facility with nine apartments at 226 Beach 101st Street in Rockaway Park. The deal closed on May 14, 2020 and was recorded on May 21, 2020.
The property contains a total of 19,656 square feet of built space. The property has 20,474 square feet of available development rights.
The average loan per buildable square foot is $391.
The last time the property sold was March 27, 2018, for $3,025,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 9 residential/hotel units on February 20, 2020.
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 were 3 renovation/alteration projects (A2) applied for with a total estimated value of $356,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link