Brevoort cooperative borrows $30M from First Republic Bank for property in West Village

The Brevoort cooperative through the entity The Third Brevoort Corporation as borrower signed a loan agreement with lender First Republic Bank valued at $30 million for 1 parcel, including the tax class cooperative (D4) and containing 267 residential units at 11 Fifth Avenue in West Village. The deal closed on June 22, 2020 and was recorded on July 2, 2020.
The property contains a total of 392,071 square feet of built space.
The average loan per unit is $112,360.
The financing includes a $6 million gap loan.

Over the past five years, there have been 46 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 $497,214. There were 45 renovation/alteration projects (A2) applied for with a total estimated value of $9,317,246.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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