David Silvera borrows $12.5M from Citibank to finance rehabbed multifamily property in Seaport

David Silvera through the entity 105 South Street Development, LLC as borrower signed a loan agreement with lender Citibank valued at $12.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 20 residential units at 156 Beekman Street in Seaport. The deal closed on March 26, 2020 and was recorded on April 29, 2020.
The property contains a total of 27,698 square feet of built space.
The average loan per unit is $625,000.
The last time the property sold was December 31, 2012, when Silvera bought it for $7,300,000. This is the first debt he had taken on the building.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential units on January 7, 2020.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,500,000. Those filings sought to increase the number of residential units by 20 to 20 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $481,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link