George Michelis borrows $18M from BNB Bank for multifamily property in West Village

George Michelis through the entity MP Cornelia Property Group LLC as borrower signed a loan agreement with lender BNB Bank valued at $18 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 47 residential units at 7 Cornelia Street in West Village. The deal closed on June 26, 2020 and was recorded on July 14, 2020.
The property contains a total of 26,480 square feet of built space.
The average loan per unit is $382,979.
The debt refinanced a loan with the original principal amount of $18.5 million from Investors Bank. The last time the property sold was November 7, 2013, for $24,650,000.

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 $210,350.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link