Amarjit Bhalla’s Ascot Properties borrows $22M from Signature Bank for multifamily property in West Village

Amarjit Bhalla, founder of Ascot Properties, through the entity 1 Bank Street Corp. as borrower signed a loan agreement with lender Signature Bank valued at $22 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 77 residential units at 1 Bank Street also known as 87 Greenwich Avenue in West Village. The deal closed on March 12, 2020 and was recorded on March 18, 2020.
The property contains a total of 64,840 square feet of built space.
The average loan per unit is $285,714.

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 $92,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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