EcoRise Development borrows $20M from Santander Bank for multifamily property in West Village

Michael and Cynthia Schlegel’s EcoRise Development through the entity MCP Bleecker LLC as borrower signed a loan agreement with lender Santander Bank valued at $19.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 18 residential units at 159 Bleecker Street in West Village. The deal closed on February 14, 2020 and was recorded on March 2, 2020.
The property contains a total of 28,380 square feet of built space.
The average loan per unit is $1,083,333.
The last time the property sold was February 7, 2014, for $20,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 20 residential units on May 6, 2016.
Over the past five years, there have been 3 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 $37,500. Those filings sought to increase the number of residential units by 2 to 20 There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $224,019.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link