Glenwood Management borrows $19M from Wells Fargo Bank for retail condo in Soho

Glenwood Management through the entity 151 Mercer Retail, LLC as borrower signed a loan agreement with lender Wells Fargo Bank, National Association valued at $19.0 million for 1 parcel, including the tax class retail building with apartments above (K4) at 151 Mercer Street in Soho. The deal closed on December 11, 2019 and was recorded on January 29, 2020.

The $19 million loan value is $1 million than the $20 million value of the loan provided in December 2014. The new loan was signed by Steven Shwarzman, grandson of Leonard Litwin. The last time the property sold was December 14, 2012, for $8,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on August 6, 2019.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $222,580.There has been one new building permit application totaling 7,032 square feet.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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