Gershon Levy borrows $9M from Santander Bank for multifamily property in East Village

Gershon Levy through the entity Prince Street Associates Inc. as borrower signed a loan agreement with lender Santander Bank valued at $8.8 million for 3 parcels, including the tax class primarily one to six families with stores or offices (S9) and containing 34 residential units at 67 2nd Avenue, 41 East 30th Street, 181 Prince Street in East Village. The deal closed on January 31, 2020 and was recorded on February 21, 2020.
The property has 36,200 square feet of available development rights.
The average loan per unit is $258,824.

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 $80,000. Those filings sought to increase the number of residential units by 4 to 4.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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