Emmut Properties borrows $15M from New York Community Bank for multifamily property in Clinton

Emmut Properties through the entity 521 Emmut Properties LLC as borrower signed a loan agreement with lender New York Community Bank valued at $15 million for 3 parcels, including the tax class multifamily, fireproof – with stores (D6) and containing 45 residential units at 525 West 48th Street, 523 West 48th Street, 521 West 48th Street in Clinton. The deal closed on June 19, 2020 and was recorded on July 22, 2020.
The property has 45,295 square feet of built space and available development rights.
The average loan per unit is $333,333.
Debt was refinanced at $15 million, below the $16.5 million level in 2014. The last time the property sold was October 19, 2011, for $7,900,000.

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