Merchants’ National Properties obtained financing of $9M from Webster Bank

Merchants’ National Properties through the entity 605-9 West 181 Street Associates, LLC as borrower signed a loan agreement with lender Webster Bank, N.A. valued at $8.6 million for 1 parcel, including the tax class two-story or store and office (K2) at 605 West 181 Street in Washington Heights. The deal closed on August 13, 2019 and was recorded on August 29, 2019.
The property contains a total of 14,810 square feet of built space. The property has 11,025 square feet of available development rights.
The average loan per buildable square foot is $334.

Over the past five years, there have been 4 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 $1,052,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $670,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link