Continental Equities Group borrows $18M from Signature Bank for commercial properties in Lower East Side

Continental Equities Group through the entity Orchard Street Equities LLC as borrower signed a loan agreement with lender Signature Bank valued at $18.3 million for 3 parcels, including the tax class loft with retail stores (L8) at 319 Grand Street, 59 Orchard Street, 57 Orchard Street in Lower East Side. The deal closed on December 13, 2019 and was recorded on December 27, 2019.
The property contains a total of 15,056 square feet of built space. The property has 72,756 square feet of available development rights.
The average loan per buildable square foot is $251.
The last time the property sold was July 22, 2013, for $27,000,000.

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 $298,060. Those filings sought to increase the number of residential units by 2 to 2
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link