Benchmark Real Estate borrows $25M from Signature Bank for UWS rental property

Benchmark Real Estate Group through the entity 75 UWS Property, LLC as borrower signed a loan agreement with lender Signature Bank valued at $25 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 180 residential units at 166 West 75th Street in the Upper West Side. The deal closed on June 30, 2020 and was recorded on July 13, 2020.
Benchmark transferred title to its own entity at the same time. with the property valued at $37.75 million. William Aaron Feldman was signatory for both buying and selling entity.The last time the property sold was August 12, 2019, for $51,489,385, when Benchmark took control of the property by acquiring the entity that owned the company JWM 75 LLC from Simon Baron Development, in a transaction valued at $51.489 million.
The property contains a total of 81,339 square feet of built space.
The average loan per unit is $138,889.
The last time the property sold was August 12, 2019, for $51,489,385.

Over the past five years, there have been 21 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 $248,000. There were 20 renovation/alteration projects (A2) applied for with a total estimated value of $5,620,956.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link