David Maron refis $11.7M from Bank Leumi for Lower East Side development

David Maron through the entity Horizon At 61 Rivington LLC as borrower signed a loan agreement with lender Bank Leumi Usa valued at $11.7 million for 1 parcel, including the tax class church, synagogue, chapel (M1) at 61 Rivington Street in Lower East Side. The deal closed on July 31, 2020 and was recorded on August 14, 2020.
The property contains a total of 9,759 square feet of built space. The property has 13,935 square feet of available development rights.
The average loan per buildable square foot is $371.
This is an amendment to the original construction and acquisition loan from Bank Leumi totaling $11.7 million from 2018. The last time the property sold was May 11, 2018, for $8,450,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $937,610. Those filings sought to increase the number of residential units by 15 to 15 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $377,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link