Ponce Bank lends $5.8M on $8.3M Avenue U, Brooklyn buy
1707 Ave U, LLC paid $8.3M for a Brooklyn property held since 1985 and borrowed $5.8M from Ponce Bank, both recorded October 6.
1707 Ave U, LLC paid $8.3 million for 1707 Avenue U in Brooklyn and financed $5.8 million of it with Ponce Bank, N.A., City Register records show, closing a roughly 41-year hold by the seller.
Why it matters
A bank covering 69.9% of the price on a Brooklyn acquisition says a regional lender is still writing sizable loans on outer-borough property at this ticket size. For a buyer or broker working the $5 million to $25 million range, that is a live comp for leverage, not just price.
The seller, SOR-SAN Realty Corp., is a long holder. Its 1985 deed carries no price in the public mirror, so we cannot calculate its gain.
The numbers
The deed (document 2026100200995001) and the mortgage (2026100200995002) share a September 24, 2026 document date. Both were recorded October 6, 12 days later, against Brooklyn block 7322, lot 40.
The loan is $5,800,000 against a price of $8,300,000, or 69.9%. Lender of record is Ponce Bank, N.A.; the borrower is the buyer LLC. The record we could reach does not name the people behind 1707 Ave U, LLC, so we do not.
We found no DOB NOW job filings on the lot by BBL or address, so no construction or conversion plan is on file yet. We also did not find the building’s square footage in these records, so we do not state a price per square foot.
What’s next
Another outer-borough bank-financed buy this week: 5536-5548 Broadway in the Bronx. Watch DOB NOW for a first filing on the lot, which would show what the buyer plans. Our New York coverage tracks the follow-up if one appears.
On the record
What we checked ourselves, and where you can check it too.
- Public recordThe $8.3M deed and the $5.8M Ponce Bank mortgage on Brooklyn block 7322, lot 40 both carry a September 24, 2026 document date and were recorded October 6, 2026, a 12-day lag.View the record on a836-acris.nyc.gov
- Public recordThe seller, SOR-SAN Realty Corp., took title in a deed dated April 23, 1985 (recorded July 12, 1985), about 41 years before this sale. The mirror shows no price on that deed.View the record on a836-acris.nyc.gov
- Public recordA DOB NOW job-filing search by BBL 3073220040 and by address returned no filings on the lot.View the record on a810-bisweb.nyc.gov
On the record
- Primary recordNYC Department of Finance, ACRISDeed, SOR-SAN Realty Corp. to 1707 Ave U, LLC, $8,300,000
- Primary recordNYC Department of Finance, ACRISMortgage, 1707 Ave U, LLC to Ponce Bank, N.A., $5,800,000
- Primary recordNYC Open Data, ACRIS Real Property Parties1985 deed, Green estate to SOR-SAN Realty Corp.