Arnold Simon borrows $23M from New York Community for UWS 90-unit rental

Arnold Simon through the entity 698 D Realty LLC as borrower signed a loan agreement with lender New York Community Bank valued at $22.7 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 90 residential units at 698 West End Avenue in the Upper West Side. The deal closed on April 29, 2020 and was recorded on November 2, 2020.
The property contains a total of 91,494 square feet of built space.
The average loan per unit is $252,406.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 91 residential (or hotel) units on April 29, 2019.
Over the past five years, there have been 2 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 $32,400. There was one renovation/alteration project (A2) applied for with a total estimated value of $36,350.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link