BLDG Management borrows $11M from M&T Bank for multifamily property in the Upper West Side

BLDG Management through the entity Partnership 92 West, L.P. as borrower signed a loan agreement with lender M&T Bank valued at $10.9 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 57 residential units at 53 West 72nd Street in the Upper West Side. The deal closed on February 6, 2020 and was recorded on February 13, 2020.
The property contains a total of 30,269 square feet of built space. The property has 51,059 square feet of available development rights.
The average loan per unit is $191,228.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $445,550.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link