Kushner Companies borrows $36M from Citibank for multifamily property in East Village

Kushner Companies through the entity EV Avenue A Property Owner, L.P. as borrower signed a loan agreement with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $36.5 million for 5 parcels, including the tax class primarily five to six family with store or office (S5) and containing 73 residential units at 23 Avenue A, 99 East 3rd Street, 325 East 10th Street, 174 East 2nd Street, 170 East 2nd Street in East Village. The deal closed on November 21, 2019 and was recorded on December 17, 2019.

The average loan per unit is $499,770.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 6 residential (or hotel) units on July 25, 2012.
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 $150,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article