Conway Capital obtained financing of $6M from Ladder Capital Finance

Conway Capital through the entity Rc 87 East 4th Street LLC as borrower signed a loan agreement with lender Ladder Capital Finance LLC valued at $6.1 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 8 residential units at 87 East 4th Street in East Village. The deal closed on August 27, 2019 and was recorded on September 11, 2019.
The property contains a total of 4,700 square feet of built space. The property has 2,086 square feet of available development rights.
The average loan per buildable square foot is $899.
The last time the property sold was August 15, 2018, for $6,800,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications 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 $40,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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