Fairstead borrows $14M from Signature Bank for multifamily property in East Village

Fairstead through the entity 81-83 St Marks Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $14.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 24 residential units at 81 St Marks Place in East Village. The deal closed on January 10, 2020 and was recorded on January 16, 2020.
The property contains a total of 18,570 square feet of built space. The property has 18,805 square feet of available development rights.
The average loan per unit is $583,333.
The last time the property sold was January 26, 2015, for $18,500,000.

Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $1,006,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link