Corigin Real Estate Group borrows $54M from M&T Bank for property in East Village

Corigin Real Estate Group through the entity 321 Bowery LLC as borrower signed a loan agreement with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $53.6 million for 1 parcel, including the tax class dormitory (H8) at 1 East 2nd Street in East Village. The deal closed on October 11, 2019 and was recorded on October 17, 2019.
The property contains a total of 156,365 square feet of built space.
The average loan per buildable square foot is $343.
The last time the property sold was March 15, 2013, for $49,000,000. New York University leases the entire building.

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 $262,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link