Ekstein Development Group borrows $62M from Man Real Estate for multifamily property in Nomad

Erik Ekstein’s Ekstein Development Group through the entity 31st Street Zef LLC as borrower signed a loan agreement with lender Man Real Estate Debt Investments-Us Designated valued at $62.0 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 41 residential units at 30 East 31st Street in Nomad. The deal closed on December 24, 2019 and was recorded on December 31, 2019.

The average loan per unit is $1,343,684.
The last time the property sold was June 9, 2014, for $15,599,500.

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 has been one new building permit application totaling 71,717 square feet. Those plans include a total of 41 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link