Leib Fruchthandler borrows $38M from Signature Bank for multifamily property in the Upper West Side

Yehoshua Leib Fruchthandler through the entity 60-68 West 107 Associates LLC as borrower signed a loan agreement with lender Signature Bank valued at $38 million for 4 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 100 residential units at 60 West 107th Street, 64 West 107th Street, 66 West 107th Street, 68 West 107th Street in the Upper West Side. The deal closed on June 15, 2020 and was recorded on June 17, 2020.
The average loan per unit is $380,000.
The financing includes a $2 million gap loan and replaced debt previously provided by Acore Capital. The last time the property sold was May 10, 2017, for $38,250,000.

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 $80,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link