571 W 159 LLC borrows $7M from New York Community Bank for property in Washington Heights

571 W 159 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $6.8 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 40 residential units at 571 West 159th Street, 573 West 159th Street in Washington Heights. The deal closed on September 17, 2019 and was recorded on September 26, 2019.
The property contains a total of 12,385 square feet of built space. The property has 1,049 square feet of available development rights.
The average loan per unit is $170,600.
The last time the property sold was September 8, 2015, for $10,640,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $104,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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