Kushner Companies borrows $45M from Citibank for rental property in East Village

Kushner Companies through the entity 118-120 East Fourth Owner LLC as borrower signed a loan agreement with lender Citibank through the entity Citi Real Estate Funding Inc. valued at $45.1 million for 6 parcels, including the tax class multifamily, over six families without stores (C1) and containing 112 residential units at 118 East 4th Street, 120 East 4th Street, 203 East 4th Street, 201 East 4th Street, 199 East 4th Street, and others in East Village. The deal closed on November 21, 2019 and was recorded on December 12, 2019.

The average loan per unit is $402,747.
Signature Bank and Investors Bank previously provided $43.7 million in debt on the buildings.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $144,450.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link