FBE lines up $63M loan from Signature Bank for Bronx buy

Firm bought the buildings for $88M

2001-2045 Story Avenue in the Bronx
2001-2045 Story Avenue in the Bronx

The New York-based bank provided $63 million to FBE for its purchase of 2001-2045 Story Avenue in the Castle Hill neighborhood, property records filed Monday show. The financing includes a $20.1 million gap mortgage.

Signature Bank and FBE declined to comment.

FBE, headed by Abraham Fructhandler, bought the nine-story two buildings, which sit on one tax lot, for about $88 million from Related Fund Management — the largest single-asset sale in the borough in six years. Hodges Ward Elliott’s Daniel Parker, Paul Gillen and Ariel Tambor brokered the deal.

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Related Fund Management bought the properties, which had been part of the Mitchell-Lama Housing Program, in 2015 for $66 million from Stellar Management. The buildings have 355 apartments combined and date to the 1970s.

FBE, which owns around 4,000 apartments around New York, also holds 2103-2117 Honeywell Avenue, a 196-unit complex near the Bronx Zoo. The firm scooped up the property for $44.4 million in 2017.

Update: This article has been updated to include Signature Bank’s response.

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