Mallory Management borrows $39M from Signature Bank for multifamily property in East Village

Mallory Management through the entity Union Square Apartments LLC as borrower signed a loan agreement with lender Signature Bank valued at $39.2 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 107 residential units at 85 East 10th Street in East Village. The deal closed on January 31, 2020 and was recorded on March 6, 2020.
The property contains a total of 61,612 square feet of built space. The property has 62,233 square feet of available development rights.
The average loan per unit is $366,267.
The last time the property sold was November 21, 2016, when Mallory bought it from Lightstone Group for $72,200,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 106 residential units on November 30, 2016.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $142,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

UPDATE: The signatory for the borrower was removed from this post.