Demetrios Moragianis borrows $48.1M from CPC for property in Coney Island

Demetrios Moragianis through the entity Ocean Towers Partners LLC as borrower signed a loan agreement with lender Community Preservation Corporation’s CPC Mortgage Company LLC valued at $48.1 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 360 residential units at 2950 West 24th Street in Coney Island. The deal closed on June 18, 2020 and was recorded on June 26, 2020. The loan was assigned to Freddie Mac.
The property contains a total of 380,000 square feet of built space.
The average loan per unit is $133,722.
The financing includes $16.99 million in new debt. The last time the property sold was May 17, 2013, for $35,600,000.

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 $230,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link