Kraus Organization borrows $14M from Capital One for multifamily property in Hamilton Heights

Kraus Organization through the entity Hudson Piers Associates, L.P. as borrower signed a loan agreement with lender Capital One, National Association valued at $14 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 36 residential units at 594 Riverside Drive in Hamilton Heights. The deal closed on December 30, 2019 and was recorded on February 11, 2020.
The property contains a total of 53,832 square feet of built space. The property has 66,967 square feet of available development rights.
The average loan per unit is $388,889.
The last time the property sold was June 30, 2011, for $1,847,851.

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