Maverick buys $14.7M note secured by 35-unit rental in LES

Maverick Real Estate Partners through the entity Suffolk Multifamily LLC bought a note with an original principal of $14.7 million from Santander Bank secured by Thomas Brodie’s 35-unit rental (C1) at 157 Suffolk Street in the Lower East Side, Manhattan.
The deal closed on May 27, 2021 and was recorded on June 9, 2021.
The property has 22,398 square feet of built space.
The owner bought the property on 28-Dec-12, for $18 million.

The owners according to the Department of Housing Preservation and Development include Thomas Brodie, head officer and Harvey Schulweis, officer. The business entities are Ra Cohen & Associates, Inc and 157 Suffolk Street Jv Llc.
Within a 400-foot radius of 157 Suffolk Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan in which SMA Equities borrowed $54 million from Safra National Bank Of New York secured by the 92,697-square-foot, 89-unit rental (D6) on 255 East Houston Street on March 23, 2020.

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