Lightstone Group borrows $20M from Banco Inbursa for property in Mott Haven

Lightstone Group through the entity 325 Exterior Street Associates LLC as borrower signed a loan agreement with lender Banco Inbursa through the entity Banco Inbursa, S.A., Institucion De Banca Multiple valued at $20.0 million for 1 parcel, including the tax class garage with two or more stories (G1) at 325 Exterior Street in Mott Haven. The deal closed on December 4, 2019 and was recorded on December 10, 2019.
The property contains a total of 25,962 square feet of built space. The property has 335,486 square feet of available development rights.
The average loan per buildable square foot is $55.
The last time the property sold was October 28, 2019, for $36,000,000. Lightstone controls property that can yield about 2 million square feet of development along the Harlem River, the New York Post reported earlier this year.

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