David Herzog, Michael Herzog borrow $6.6M from Argentic to buy property in the Upper West Side

David Herzog and Michael Herzog through the entity David Herzog LLC (and another) as borrower signed a loan agreement with lender Argentic Real Estate Finance LLC valued at $6.6 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 12 residential units at 57 West 86th Street in the Upper West Side. The deal closed on November 5, 2020 and was recorded on November 19, 2020.
The property contains a total of 13,290 square feet of built space. The property has 42,779 square feet of available development rights.
The average loan per unit is $550,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $61,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link