Edward Setton borrows $15M from New York Community Bank for rental properties in Hamilton Heights

Edward Setton through the entity West 147th Street Equities LLC as borrower signed a loan agreement with lender New York Community Bank valued at $15.4 million for 4 parcels, including the tax class multifamily, over six families without stores (C1) and containing 83 residential units at 522 West 147th Street, 526 West 147th Street, 530 West 147th Street, 534 West 147th Street in Hamilton Heights. The deal closed on March 11, 2020 and was recorded on April 13, 2020.
The property has 81,763 square feet of available development rights.
The average loan per unit is $185,229.
The last time the property sold was March 24, 2015, for $24,000,000.

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