Emmut Properties borrows $18M from JPMorgan Chase for multifamily property in Clinton

John Young’s Emmut Properties through the entity 626 Emmut Properties, Ltd. as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $18.3 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 30 residential units at 614 10th Avenue in Clinton. The deal closed on January 16, 2020 and was recorded on February 10, 2020.
The property contains a total of 28,972 square feet of built space. The property has 41,530 square feet of available development rights.
The average loan per unit is $610,000.

Over the past five years, there has been one NYC Department of Buildings permit application 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 $500,000. Those filings sought to increase the number of residential units by 5 to 30
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link