EastGold Holdings signs $23M refi loan with Sterling National for four properties in Inwood

EastGold Holdings through the entity 600 West 218th Street Associates, L.L.C. as borrower signed a refi loan agreement with lender Sterling National Bank valued at $23 million for four properties including the 108-unit rental (D7) at 600 West 218th Street in Inwood, Manhattan, 43-unit rental (D1) at 558-562 West 218th Street in Inwood, Manhattan, and industrial (G7) at 590 West 218th Street in Inwood, Manhattan.
The deal closed on March 29, 2021 and was recorded on April 29, 2021.
The four properties have 160,186 square feet of built space and 9,239 square feet of additional air rights for a total buildable of 169,472 square feet according to PincusCo analysis of city data. The loan price per built square foot is $143 and the price per buildable square foot is $135 per the PincusCo analysis.
The signatory for EastGold Holdings was Michael Goldstein.
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 $196,080.
The owners according to the Department of Housing Preservation and Development includes Michael Goldstein, head officer and Alex Goldstein, officer.