Joel Schwartz borrows $6.7M from Citigroup for property in Williamsburg

Joel Schwartz through the entity 475 Grand Street Holdings LLC as borrower signed a loan agreement with lender Citigroup through its Citi Real Estate Funding Inc. valued at $6.7 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 8 residential units at 475 Grand Street in Williamsburg. The deal closed on March 17, 2021 and was recorded on April 5, 2021.
The property contains a total of 7,250 square feet of built space.
The average loan per buildable square foot is $924.
The last time the property sold was June 26, 2019 for $3,600,000.
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 2 renovation/alteration projects (A2) applied for with a total estimated value of $2,000.

There has been one new building permit application. Those plans include a total of 8 residential units.

There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.

Direct link to Acris document. link