Gary Vinbaytel, Dennis Druzhinsky borrow $11M from Popular Bank for acquisition of property in Flatiron

Gary Vinbaytel’s Vinbaytel Property Development and Dennis Druzhinsky through the entity Mn W18W17 LLC as borrower signed a loan agreement with lender Popular Bank valued at $10.6 million for 2 parcels, including the tax class two-story or store and office (K2) at 21 West 17th Street, 16 West 18th Street in Flatiron. The deal closed on January 29, 2020 and was recorded on March 3, 2020.
The property has 31,440 square feet of available development rights.
The average loan per buildable square foot is $338.
This is an acquisition loan to finance the purchase of the property for $17.6 million.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 22,358 square feet. Those plans include a total of 12 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link