Highpoint Property Group borrows $6.9M from CIT Bank for redevelopment in East Village

Drew Popkin’s Highpoint Property Group through the entity 243 East 7th Street Owner LLC as borrower signed a loan agreement with lender CIT Bank valued at $6.9 million for 1 parcel, including the tax class three-family (C0) and containing 3 residential units at 243 East 7th Street in East Village. The deal closed on July 16, 2020 and was recorded on July 30, 2020.
The property contains a total of 3,084 square feet of built space. The property has 6,429 square feet of available development rights.
The average loan per buildable square foot is $657.
Highpoint’s $4.35 million acquisition of the property was recorded earlier, but the financing and purchase all closed on the same day, on July 16, 2020.

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 has been one new building permit application totaling 9,387 square feet. Those plans include a total of 2 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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