Janet Giaimo Vitale borrows $8M from Apple Bank For Savings for multifamily property in Nolita

Janet Giaimo Vitale through the entity Fav 1057 Management, LLC as borrower signed a loan agreement with lender Apple Bank For Savings valued at $7.6 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 52 residential units at 8 Spring Street, 6 Spring Street, 1057 1st Avenue in Nolita. The deal closed on January 30, 2020 and was recorded on February 25, 2020.
The properties have 43,415 square feet of available development rights.
The average loan per unit is $147,058.

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. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $199,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link