Camelot Realty borrows $5.5M from Signature to buy 10-unit rental in East Village

Camelot Realty Group through the entity CRG-94StMarks, LLC as borrower signed a loan agreement with lender Signature Bank valued at $5.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 10 residential units at 94 St. Marks Place in East Village. The deal closed on August 21, 2020 and was recorded on October 2, 2020.
The property contains a total of 7,020 square feet of built space. The property has 7,313 square feet of available development rights.
The average loan per buildable square foot is $756.
This was an acquisition loan.

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 $192,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $237,260.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link