A&E Real Estate borrows $13M from Signature Bank for multifamily property in Inwood

A&E Real Estate Holdings through the entity 228 Seaman Avenue, LLC as borrower signed a loan agreement with lender Signature Bank valued at $12.5 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 91 residential units at 222 Seaman Avenue, 623 West 207th Street, 631 West 207th Street in Inwood. The deal closed on June 1, 2020 and was recorded on June 5, 2020.
The property has 83,004 square feet of built and available development rights.
The average loan per unit is $137,363.
$3.5 million in new debt was included in this refinancing.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $43,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link