Continental Ventures borrows $16.8M from Signature Bank to refi multifamily property in Flatiron

Continental Ventures with its president Jane Gol as signatory through the entity 360-364 Third Owner LLC as borrower signed a loan agreement with lender Signature Bank valued at $16.8 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 48 residential units at 360 3rd Avenue, 362 3rd Avenue, 364 3rd Avenue in Flatiron. The deal closed on May 13, 2020 and was recorded on May 27, 2020.
The property has 82,817 square feet of existing and available development rights.
The average loan per unit is $348,958.
The loan replaced $16.5 million provided by Signature Bank in 2016. The last time at least one of the properties was acquired was on January 27, 2015, for $8,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $479,691.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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