Alloy Street Development obtained financing of $25M from Bank Of America

Alloy Street Development through the entity 378 Schermerhorn Street LLC as borrower signed a loan agreement with lender Bank Of America, N.A. valued at $25.0 million for 3 parcels, including the tax class one-story store building (K1) and containing 2 residential units at 370 Schermerhorn Street, 183 Plymouth Street, 1 John Street in Brooklyn. The deal closed on June 27, 2019 and was recorded on July 22, 2019.
The property contains a total of 98,046 square feet of built space. The property has 86,301 square feet of available development rights.
The average loan per buildable square foot is $255.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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