Yossel Lichtman signs $13.5M construction loan with Bank of Princeton for development site in Flatbush

Yossel Lichtman through the entity 219 Lenox Realty LLC as borrower signed a new construction loan with lender Bank of Princeton valued at $13.5 million for the development site (V1) at 219 Lenox Road in Flatbush, Brooklyn.
The deal closed on May 12, 2021 and was recorded on July 21, 2021.
The property has 0 square feet of built space and 34,400 square feet of additional air rights for a total buildable of 34,400 square feet according to PincusCo analysis of city data. The loan price per buildable square foot is $391 per the PincusCo analysis.
The owner bought the property on 28-Jan-20, for $5.0 million.
The signatory for Yossel Lichtman was Yossel Lichtman.
(321588714) Plans for a 50-unit, 34,299 square-foot R-2 were filed on February 13, 2020.
Within a 400-foot radius of 219 Lenox Road, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on July 31, 2019 for a 16,799-square-foot R-2 building with 24 residential units residential units at 250 Lenox Road.
One of those three items was a sale which Abraham Jeremias and Cedarbridge Realty Group bought the 105,136-square-foot, 120-unit rental (D1) on 261 Lenox Road for $14.8 million from Harry Silverstein Family on August 18, 2020.
One of those three items was a loan which Abraham Jeremias borrowed $17.2 million from Signature Bank secured by the 105,136-square-foot, 120-unit rental (D1) on 261 Lenox Road and one other property on August 18, 2020.

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