Kushner Companies borrows $32M from Citigroup for multifamily property in East Village

Kushner Companies through the entity Kushner Village 329 East 9th LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $31.8 million for 6 parcels, including the tax class multifamily, over six families without stores (C1) and containing 50 residential units at 516 East 13th Street, 518 East 13th Street, 335 East 9th Street, 333 East 9th Street, 331 East 9th Street, and others in East Village. The deal closed on February 13, 2020 and was recorded on February 26, 2020.
The property has 54,225 square feet of available development rights.
The average loan per unit is $635,000.
The last time the property sold was September 18, 2013, for $11,050,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 10 residential (or hotel) units on October 1, 2012.

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

Share this article