Churchill Real Estate borrows $14M from Signature Bank for multifamily property in Seaport

Sorabh Maheshwari’s Churchill Real Estate through the entity JS Equity Holdings 2 LLC as borrower signed a loan agreement with lender Signature Bank valued at $14.3 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 20 residential units at 23 Peck Slip in Seaport. The deal closed on October 17, 2019 and was recorded on December 20, 2019.
The property contains a total of 25,903 square feet of built space. The property has 35,289 square feet of available development rights.
The average loan per unit is $712,500.
The last time the property sold was May 28, 2014, for $23,000,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link