Black Bear Asset Management borrows $19.5M from Morgan Stanley Bank for multifamily property in Lower East Side

Arthur D. Bellini’s Black Bear Asset Management through the entity Forsyth Owner LLC as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $19.5 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 56 residential units at 72 Forsyth Street, 74 Forsyth Street, 104 Forsyth Street in Lower East Side. The deal closed on February 6, 2020 and was recorded on February 18, 2020.
The property contains a total of 10,060 square feet of built space. The property has 31,658 square feet of available development rights.
The average loan per unit is $348,214.
The debt was reduced from the $23 million provided in 2017 by Ladder Capital Finance.

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 $35,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link