Joseph Torres borrows $19M from Citigroup for multifamily property in Fulton Ferry

Joseph Torres through the entity 25 Jay Street LLC. as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $18.5 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 26 residential units at 25 Jay Street in Fulton Ferry. The deal closed on January 29, 2020 and was recorded on February 7, 2020.
The property contains a total of 47,735 square feet of built space. The property has 51,553 square feet of available development rights.
The average loan per unit is $711,538.

Over the past five years, there have been 2 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 $95,050.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link