Cabernet I Realty LLC obtained financing of $6M from BankUnited

Cabernet I Realty LLC as borrower signed a loan agreement with lender BankUnited, N.A. valued at $5.5 million for 1 parcel, including the tax class primarily five to six family with store or office (S5) and containing 6 residential units at 678 9 Avenue in Midtown West. The deal closed on August 22, 2019 and was recorded on August 28, 2019.
The property contains a total of 6,671 square feet of built space. The property has 4,735 square feet of available development rights.
The average loan per buildable square foot is $482.
The last time the property sold was August 15, 2014, for $9,650,000.

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 $50,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link