David Israeli borrows $20M from Morgan Stanley Bank for multifamily property in Kips Bay

David Israeli through the entity 325 Third Avenue LLC as borrower signed a loan agreement with lender Morgan Stanley Bank, N.A. valued at $20.2 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 42 residential units at 325 3rd Avenue, 329 3rd Avenue in Kips Bay. The deal closed on November 7, 2019 and was recorded on November 19, 2019.
The property has 72,312 square feet of available development rights.
The average loan per unit is $480,952.
The last time the property sold was December 31, 2013, for $17,000,000.

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 $89,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link