Lightstone Group signs $35M refi with Banco Inbursa for industrial in Mott Haven

Lightstone Group through the entity 355 Exterior Street Associates as borrower signed a refi loan with lender Banco Inbursa valued at $35 million for the industrial (G1) at 325 Exterior Street in Mott Haven, Bronx.
The deal closed on July 10, 2021 and was recorded on September 24, 2021.
The property has 25,962 square feet of built space and 256,726 square feet of additional air rights for a total buildable of 283,056 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,348 and the price per buildable square foot is $123 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on October 28, 2019, for $36.0 million.
The signatory for Lightstone Group was Joseph E. Teichman.

Within a 400-foot radius of 325 Exterior Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on October 13, 2020 for a 566,212-square-foot R-2 building with 710 residential units at 355 Exterior Street.

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