Croman Real Estate borrows $24M from New York Community Bank to refi rental property in Manhattan

Steven Croman’s Croman Real Estate borrowed $24 million from New York Community Bank for multifamily properties in the West Village and Midtown East, in two separate transactions.

In the first, Croman Real Estate through the entity 290 W12 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $14.4 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 44 residential units at 290 West 12th Street in West Village. The deal closed on May 14, 2020 and was recorded on May 22, 2020.
The property contains a total of 26,694 square feet of built space.
The average loan per unit is $328,295.

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 $134,820.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second, Croman Real Estate through the entity Second Avenue & 50th Street Realty, LLC as borrower signed a loan agreement with lender New York Community Bank through the entity New York Community Bank valued at $9.6 million for 3 parcels, including the tax class primarily one to six families with stores or offices (S9) and containing 14 residential units at 941 2nd Avenue, 939 2nd Avenue, 250 East 50th Street in Midtown East. The deal closed on May 14, 2020 and was recorded on May 22, 2020.
The property has 35,435 square feet of built space and available development rights.
The average loan per unit is $682,857.
The prior maximum recorded debt total for this portion of the loan from New York Community Bank was $9.5 million.

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 $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link