Craig Nassi’s BCN Development borrows $8M from Piermont Bank to refi development in University Heights

May 5, 2020 7:14 am

Craig Nassi’s BCN Development through the entity Buchanan Development, LLC as borrower signed a loan agreement with lender Piermont Bank valued at $8 million for 1 parcel containing 23 residential units under development at 65 Buchanan Place in University Heights. The deal closed on April 29, 2020 and was recorded on May 4, 2020.

The average loan per unit is $347,826.
The last time the property sold was December 13, 2018, for $1,350,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $50,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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