Fairstead borrows $19M from Signature Bank to refi multifamily property in Hamilton Heights

Jeffrey Goldberg and Will Blodgett’s Fairstead through the entity 3621 Broadway Owner LLC as borrower signed a loan agreement with lender Signature Bank valued at $18.5 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 46 residential units at 3621 Broadway in Hamilton Heights. The deal closed on April 7, 2020 and was recorded on April 23, 2020.
The property contains a total of 65,050 square feet of built space. The property has 96,225 square feet of available development rights.
The average loan per unit is $402,174.
The last time the property sold was April 16, 2015, when E&M Associates bought it for $25,500,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $556,002.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link