Croman Real Estate borrows $46M from New York Community Bank for multifamily property in Nolita

Steven Croman’s Croman Real Estate borrowed $45.8 million from New York Community Bank in two separate transactions recorded yesterday in Nolita and the West Village.

Croman Real Estate through the entity M & E Mott, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $38.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 74 residential units at 246 Mott Street in Nolita. The deal closed on October 25, 2019 and was recorded on November 4, 2019.
The property contains a total of 40,788 square feet of built space. The property has 54,454 square feet of available development rights.
The average loan per unit is $513,514.

Over the past five years, there have been 21 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 21 renovation/alteration projects (A2) applied for with a total estimated value of $916,470.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Croman Real Estate through the entity 232 W 14th LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.8 million for 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 9 residential units at 232 West 14th Street in West Village. The deal closed on October 25, 2019 and was recorded on November 4, 2019.
The property contains a total of 7,405 square feet of built space. The property has 15,647 square feet of available development rights.
The average loan per buildable square foot is $497.
The last time the property sold was September 8, 2008, for $4,708,333.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 10 residential units on August 4, 2016.
Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $325,250.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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