Brevoort cooperative in West Village triples debt to $25M from Investors Bank

The Brevoort cooperative through the entity 20 East 9th Street Corp. as borrower signed a loan agreement with lender Investors Bank valued at $25 million for 1 parcel, including the tax class cooperative (D4) and containing 323 residential units at The Brevoort cooperative at 20 East Ninth Street in West Village. The deal closed on August 14, 2020 and was recorded on August 18, 2020.
The property contains a total of 420,000 square feet of built space.
The average loan per unit is $77,399.
The cooperative more than tripled its debt with an $18 million gap loan that was part of the financing. The prior debt was $7 million from 2017.

Over the past five years, there have been 24 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 24 renovation/alteration projects (A2) applied for with a total estimated value of $3,205,760.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link