$8.7M New York Community loan for 45-unit property in East Village

Louis A. Malone through the entity 111-115 East 7th NY LLC as borrower signed a loan agreement with lender New York Community Bank valued at $8.7 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 45 residential units at 111 East 7th Street in the East Village. The deal closed on October 25, 2020 and was recorded on December 31, 2020.
The property contains a total of 32,698 square feet of built space.
The average loan per unit is $194,222.
The last time the property sold was March 18, 2008 for $14,650,000.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $113,000.

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