Magnum Real Estate Group borrows $23M from JPMorgan Chase Bank for property in East Village

Ben Shaoul’s Magnum Real Estate Group through the entity Sky East (De) LLC as borrower signed a loan agreement with lender JPMorgan Chase Bank valued at $22.5 million for the 30-unit 636 East 11th Street in East Village. The deal closed on September 11, 2019 and was recorded on September 30, 2019.
The property contains a total of 27,362 square feet of built space and has the tax class multifamily, converted (D5). The property has 1,066 square feet of available development rights.
The average loan per unit is $750,000.
The package includes $2.9 million in new debt.

Over the past five years, there has been one NYC Department of Buildings permit application 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 $2,707,560. Those filings sought to increase the number of residential units by 5 to 41
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link