John Ilibassi borrows $7M from Morgan Stanley Private Bank for property in Lower East Side

East China Partners LLC as borrower signed a loan agreement with lender Morgan Stanley Private Bank, National Association valued at $6.8 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 32 residential units at 38 Ludlow Street, 40 Ludlow Street in Lower East Side. The deal closed on September 26, 2019 and was recorded on October 11, 2019.
The property contains a total of 7,350 square feet of built space. The property has 11,884 square feet of available development rights.
The average loan per unit is $210,938.
The last time the property sold was May 9, 2018, for $7,100,000.

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Direct link to the city’s interactive property map, ZOLA. link

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