Mark Kalimian’s Abington Properties borrows $20M from Apple Bank for multifamily property in Nolita

Mark Kalimian’s Abington Properties through the entity Linmar Group LLC as borrower signed a loan agreement with lender Apple Bank For Savings valued at $20.1 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 74 residential units at 50 Prince Street in Nolita. The deal closed on June 17, 2020 and was recorded on June 25, 2020.
The property contains a total of 61,554 square feet of built space. The property has 63,451 square feet of available development rights.
The average loan per unit is $271,622.
The signatory was Mark Kalimian.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 73 residential units on January 2, 2018.
Over the past five years, there have been 9 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 $125,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $747,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link