Madison Realty borrows $13.6M from ConnectOne Bank for newly acquired in Soho

Josh Zegen’s Madison Realty Capital through the entity Spring Street Owner LLC as borrower signed a loan agreement with lender ConnectOne Bank valued at $13.6 million for 4 parcels, including the tax class two-family, miscellaneous (city type, old, etc.) (B9) and containing 4 residential units at 190 Spring Street, 188 Spring Street, 186 Spring Street, 182 Spring Street in Soho. The deal closed on June 12, 2020 and was recorded on September 10, 2020.
The property has 16,181 square feet of built space and available development rights.
The average loan per buildable square foot is $703.
The last time the property sold was June 12, 2020, when Madison Realty took title with the property valued at $28 million.

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