Erzuli LLC borrows $22M from Hollbruge for multifamily property in Lincoln Square

Erzuli LLC as borrower signed a loan agreement with lender Hollbruge valued at $22.2 million for 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 13 residential units at 48 West 69th Street in Lincoln Square. The deal closed on December 17, 2019 and was recorded on January 2, 2020.
The property contains a total of 13,767 square feet of built space.
The average loan per unit is $1,707,692.
The last time the property sold was November 28, 2012, for $13,000,000.

Over the past five years, there have been 3 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 $1,009,404. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $325,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link