Icon Realty Management borrows $9M from Signature Bank for property in West Village

Icon Realty Management through the entity 51 West 11 Realty LLC as borrower signed a loan agreement with lender Signature Bank valued at $9.0 million for a building containing 19 residential units at 51 West 11th Street in West Village. The deal closed on August 21, 2019 and was recorded on September 20, 2019.
The property contains a total of 8,628 square feet of built space and is the tax class multifamily, converted dwelling or rooming house (C5).
The average loan per unit is $473,684.
The last time the property sold was September 15, 2016, for $8,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 16 residential (or hotel) units on May 16, 2019.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $208,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $608,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link