Gorjian Real Estate Group borrows $12M from Citibank for property in Midtown West

Gorjian Real Estate Group through the entity Gg Columbus Circle LLC as borrower signed a loan agreement with lender Citibank, N.A. valued at $12.0 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 6 residential units at 314 West 58th Street in Midtown West. The deal closed on October 2, 2019 and was recorded on October 16, 2019.
The property contains a total of 14,785 square feet of built space. The property has 26,199 square feet of available development rights.
The average loan per buildable square foot is $293.
The last time the property sold was July 10, 2014, for $25,500,000.

Over the past five years, there have been 2 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 $111,110.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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