DDG Partners obtains $67.7M condo inventory loan from M&T Bank for project in Carnegie Hill

DDG Partners through the entity 180 East 88th Street Realty LLC as borrower signed a loan agreement with lender M&T Bank through the entity Manufacturers And Traders Trust Company valued at $67.7 million for unsold units at the 42-unit 180 East 88th Street in Carnegie Hill. The deal closed on August 21, 2020 and was recorded on September 1, 2020.

This is a condo inventory loan. 180 East 88th Street is a condominium project developed by DDG Partners. There is an error on the cover page incorrectly identifying the owner company as 188 East 88th Street Realty LLC, when it should be 180 East 88th Street Realty LLC.

Over the past five years, there have been 9 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 $1,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,018,178.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link