Lions Group and Soheil Khayyam borrow $19M from Popular Bank for new multifamily in Kips Bay

Lions Group and Soheil Khayyam through the entity Lexington Group II LLC as borrower signed a loan agreement with lender Popular Bank valued at $19.1 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 37 residential units at 227 Lexington Avenue in Kips Bay. The deal closed on July 31, 2020 and was recorded on August 11, 2020.
The property contains a total of 39,280 square feet of built space.
The average loan per unit is $516,216.
The last time the property sold was January 28, 2015, for $3,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 37 residential units on October 24, 2019.
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 was one renovation/alteration project (A2) applied for with a total estimated value of $96,649.There has been one new building permit application totaling 34,241 square feet. Those plans include a total of 37 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link