Kushner Companies borrows $17M from Signature Bank for multifamily property in Kips Bay

Kushner Companies through the entity KC3 – 234-238 East 33rd Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $16.9 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 58 residential units at 238 East 33rd Street in Kips Bay. The deal closed on February 27, 2020 and was recorded on March 19, 2020.
The property contains a total of 28,935 square feet of built space. The property has 29,602 square feet of available development rights.
The average loan per unit is $291,379.
The last time the property sold was March 27, 2015, for $25,816,322.

Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $759,940.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link