Emmut Properties borrows $32M from Keysite Capital Partners for multifamily property in Clinton

John Young’s Emmut Properties through the entity 433 Emmut Properties LLC as borrower signed a loan agreement with lender Keysite Capital Partners LLC valued at $32.0 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 60 residential units at 433 West 53rd Street in Clinton. The deal closed on December 19, 2019 and was recorded on January 2, 2020.
The property contains a total of 41,617 square feet of built space.
The average loan per unit is $533,333.
The last time the property sold was January 7, 2016, for $25,000,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $25,000. There has been one new building permit application totaling 41,617 square feet. Those plans include a total of 60 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link