Broad Street Development, Crow Holdings borrow $69M from Metlife for multifamily property in Noho

Broad Street Development and Crow Holdings through the entity 298 Mulberry Street Operating Company, L.L.C. as borrower signed a loan agreement with lender Metlife Real Estate Lending LLC valued at $68.5 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 96 residential units at 298 Mulberry Street in Noho. The deal closed on November 14, 2019 and was recorded on November 21, 2019.
The property contains a total of 86,746 square feet of built space. The property has 105,382 square feet of available development rights.
The average loan per unit is $713,542.
The last time the property sold was December 19, 2014, for $91,500,000.

Over the past five years, there have been 5 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 $500,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $168,809.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link