Empire Capital Holdings borrows $16M from LoanCore Capital for multifamily property in Lower East Side

Arash “Josh” Rahmani’s Empire Capital Holdings through the entity Empire 326 Grand LLC as borrower signed a loan agreement with lender LoanCore Capital Credit REIT LLC valued at $16.2 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 20 residential units at 324 Grand Street in Lower East Side. The deal closed on March 9, 2020 and was recorded on March 19, 2020.
The property contains a total of 24,410 square feet of built space.
The average loan per unit is $810,000.
The last time the property sold was February 1, 2017, for $21,200,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 15 residential (or hotel) units on December 24, 2018.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $10,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $55,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link