Croman Real Estate borrows $18.65M from New York Community Bank for property in Clinton

Steven Croman’s Croman Real Estate borrowed $18.65 million from New York Community Bank for property in the East Village and Clinton in two separeate transaction. That brings to $42 million the total Croman has refinanced with the bank and recorded this week. Croman refinanced $24 million in loans from New York Community Bank that were recorded Tuesday.

In the first deal recorded yesterday, Croman Real Estate through the entity 186 Ave B NY LLC as borrower signed a loan agreement with lender New York Community Bank valued at $12.4 million for 2 parcels, including the tax class multifamily, old law tenements (C4) and containing 12 residential units at 188 Avenue B, 186 Avenue B in East Village. The deal closed on May 14, 2020 and was recorded on May 27, 2020.
The property has 18,118 square feet of existing and available development rights.
The average loan per unit is $1,030,000.
Steven Croman obtained an additional $4.785 million over the $8.85 million the bank provided in 2013.

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 $29,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second loan recorded yesterday, Croman Real Estate through the entity 450 W. 50th LLC as borrower signed a loan agreement with lender New York Community Bank valued at $6.3 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 10 residential units at 450 West 50th Street in Clinton. The deal closed on May 14, 2020 and was recorded on May 27, 2020.
The property has 15,115 square feet of existing and available development rights.
The average loan per buildable square foot is $416.
The debt was increased from $4.5 million provided in 2013.

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