Clement Saad borrows $14M from Citi Real Estate Funding for retail property in Mott Haven

Clement Saad through the entity Elidex Realty Owner LLC as borrower signed a loan agreement with lender Citi Real Estate Funding, Inc. valued at $14.0 million for 1 parcel, including the tax class multi-story department store (K3) at 2823 3rd Avenue in Mott Haven. The deal closed on October 18, 2019 and was recorded on November 6, 2019.
The property contains a total of 54,000 square feet of built space.
The average loan per buildable square foot is $259.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on February 27, 2013.
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 $331,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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