Easco Boiler Corp. cuts debt to $12.7M from Edgewood Capital on Bronx portfolio

Easco Boiler Corp. through the entity Leggett Real Estate Holdings, LLC as borrower signed a loan agreement with lender Edgewood Capital Advisors through the entity Elizon DB Transfer Agent LLC valued at $12.7 million for 10 parcels, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 1140 Randall Avenue, Craven Street, Craven Street, 530 Truxton Street, 1173 Leggett Avenue, and others in Hunts Point. The deal closed on August 12, 2020 and was recorded on September 2, 2020.
The property has 187,236 square feet of built space and available development rights.
The average loan per buildable square foot is $55.
The owner Arlington Leon Eastmond, Jr.is in his 90s. Edgewood is a bridge lender.

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