Magnum Real Estate Group borrows $19M from Arbor Realty for multifamily property in Lower East Side

Benjamin Shaoul’s Magnum Real Estate Group through the entity 165 Ludlow Owner LLC as borrower signed a loan agreement with lender Arbor Realty SR, Inc. valued at $18.7 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 51 residential units at 167 Ludlow Street, 165 Ludlow Street, 163 Ludlow Street in Lower East Side. The deal closed on December 13, 2019 and was recorded on January 22, 2020.

The average loan per unit is $366,373.
The last time the property sold was June 11, 2012, for $16,500,000.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $511,955. There was one renovation/alteration project (A2) applied for with a total estimated value of $85,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link