Croman Realty borrows $19M from Axos Bank for refi of multifamily property in Midtown West

Steven Croman’s Croman Realty through the entity 351-357 West 45 LLC as borrower signed a loan agreement with lender Axos Bank valued at $18.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 80 residential units at 357 West 45th Street in Midtown West. The deal closed on March 26, 2020 and was recorded on April 1, 2020.
The property contains a total of 39,735 square feet of built space. The property has 60,422 square feet of available development rights.
The average loan per unit is $231,250.
The last time the property sold was September 24, 2013, for $22,000,000.

Over the past five years, there have been 17 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $4,184,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link