Alpine Global Management borrows $25M from Bank of America for property in Soho

Alpine Global Management through the entity 351 Canal St. LLC as borrower signed a loan agreement with lender Bank Of America valued at $25.4 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 8 residential units at 351 Canal Street in Soho. The deal closed on September 13, 2019 and was recorded on September 26, 2019.
The property contains a total of 22,500 square feet of built space. The property has 1,436 square feet of available development rights.
The average loan per buildable square foot is $1,060.
The last time the property sold was August 29, 2013, for $24,750,000. The new loan package includes $8.1 million in new debt.

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 $200,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,375,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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