East River Co-op in LES ups debt to $40M from New York Community

The East River Co-op through the entity East River Housing Corporation as borrower increased its debt with lender New York Community Bank to $40 million for 3 parcels, including the tax class cooperative (D4) and containing 1672 residential units at 570 Grand Street, 453 FDR Drive, and 549 Grand Street in Lower East Side. The deal closed on February 12, 2021 and was recorded on February 23, 2021.
The property has 2,195,983 square feet of built space and available development rights.
The average loan per unit is $23,923.
The financing includes a $16.5 million gap loan.
Over the past five years, there have been 50 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 50 renovation/alteration projects (A2) applied for with a total estimated value of $2,743,245.

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