Evangelos Stavrou borrows $7M from New York Community for 20-unit rental in Chinatown

Evangelos Stavrou through the entity 197 Madison Holdings LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 20 residential units at 197 Madison Street in Chinatown. The deal closed on September 16, 2020 and was recorded on November 13, 2020.
The property contains a total of 11,321 square feet of built space.
The average loan per unit is $350,000.
The last time the property sold was August 3, 2017, for $9,200,000.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $326,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link