Heritage Realty Company borrows $10M from People’s United Bank for multifamily property in West Village

Heritage Realty Company through the entity Horatio Street Partners LLC as borrower signed a loan agreement with lender People’s United Bank valued at $10 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 40 residential units at 40 Horatio Street in West Village. The deal closed on December 12, 2019 and was recorded on December 18, 2019.
The property contains a total of 15,785 square feet of built space.
The average loan per unit is $250,000.
The last time the property sold was December 4, 2013, for $13,000,000.

Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 15 renovation/alteration projects (A2) applied for with a total estimated value of $638,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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