CARO Enterprises borrows $20M from Wells Fargo for multifamily property in Yorkville

CARO Enterprises through the entity Yorkshire House Associates LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $20 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 199 residential units at 1562 1st Avenue in Yorkville. The deal closed on June 29, 2020 and was recorded on July 6, 2020.
The property contains a total of 210,428 square feet of built space.
The average loan per unit is $100,503.

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 $3,404,550.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link