Potamkin Group adds $61M for total of $95M borrowed from Apollo for property in Clinton

The auto dealer Potamkin Group through the entity 706 Manhattan LLC as borrower signed a loan agreement with lender Apollo Global Management through the entity Athene Annuity And Life Company valued at $95 million for 1 parcel, including the tax class two-story or store and office (K2) at 706 11th Avenue in Clinton. The deal closed on March 4, 2021 and was recorded on March 22, 2021.
The property contains a total of 65,625 square feet of built space.
The average loan per buildable square foot is $1,448.
Apollo more than doubled the prior debt with a $61 million gap loan added to the $44.4 million previously lent.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $80,000.0. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $2,089,473.

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