Cammeby’s International signs $70.2M loan with Capital One for LES rental

Rubin Schron’s Cammeby’s International Group through the entity Pueblo Nuevo Associates L.P. as borrower signed a loan with lender Capital One valued at $70.2 million for the 172-unit rental (D3) at 115 Pitt Street in Lower East Side, Manhattan.
The deal closed on June 1, 2021 and was recorded on June 14, 2021.
The property has 170,100 square feet of built space and 97,701 square feet of additional air rights for a total buildable of 267,676 square feet according to PincusCo analysis of city data. The loan price per built square foot is $412 and the price per buildable square foot is $262 per the PincusCo analysis.
The owner bought the property on 13-Dec-06, for $12.5 million.
The signatory for Cammeby’s International Group was Rubin Schron.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $1.2 million.
The owners according to the Department of Housing Preservation and Development includes Michael Slavin, head officer and Rubin Schron, officer. The business entity is Pueblo Nuevo Associates.
Within a 400-foot radius of 115 Pitt Street, PincusCo identified one commercial real estate item of interest that occurred over the past 24 months.
It was a loan in which Helm Management borrowed $29 million from City National Bank secured by four condo units in the 10-unit mixed-use building (RM) on 196 Stanton Street and six other properties on January 2, 2020.

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