Corigin Real Estate Group borrows $6M from Bankunited, N.A. for property in Soho

Corigin Real Estate Group through the entity 21 Crosby Street LLC as borrower signed a loan agreement with lender BankUnited valued at $5.5 million for 1 parcel, including the tax class primarily one to six families with stores or offices (S9) and containing 3 residential units at 133 Grand Street in Soho. The deal closed on October 8, 2019 and was recorded on October 16, 2019.
The property contains a total of 7,950 square feet of built space. The property has 2,090 square feet of available development rights.
The average loan per buildable square foot is $548.
The last time the property sold was August 1, 2014, for $11,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 3 residential (or hotel) units on March 10, 2017.
Over the past five years, there have been 5 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 $237,580. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $318,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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