Apartment with head officer William O’Connor borrows $15M from Arbor Realty Trust for multifamily property in Kips Bay

234E24 Stone LLC with head officer William O’Connor through the entity 234E24 Stone LLC as borrower signed a loan agreement with lender Arbor Realty Trust through the entity Arbor Private Label, LLC valued at $14.8 million for 2 parcels, including the tax class multifamily, old law tenements (C4) and containing 36 residential units at 236 East 24th Street, 234 East 24th Street in Kips Bay. The deal closed on March 12, 2020 and was recorded on March 31, 2020.

The average loan per unit is $411,250.
The city’s HPD lists William O’Connor as the head officer for the ownership entity. The last time the property sold was January 14, 2016, for $7,500,000.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $913,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link