Gene Jiyoon Park borrows $18M from New York Community Bank for property in Garment District

Gene Jiyoon Park through the entity 7-9 E. 32 LLC as borrower signed a loan agreement with lender New York Community Bank valued at $17.5 million for a building with 77 residential units at 9 East 32nd Street in Garment District. The deal closed on March 4, 2019 and was recorded on September 20, 2019.
The property contains a total of 39,740 square feet of built space and is the tax class multifamily, fireproof (standard construction without stores) (D3). The property has 9,627 square feet of available development rights.
The average loan per unit is $227,273.
The last time the property sold was November 12, 2009, for $20,250,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $40,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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