Metropolitan Realty borrows $82M from Signature Bank for multifamily property in Carnegie Hill

Scott Jaffee’s Metropolitan Realty Group through the entity Beautiful Village Associates Redevelopment as borrower signed a loan agreement with lender Signature Bank valued at $82.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 272 residential units at 21 East 107th Street in Carnegie Hill. The deal closed on February 24, 2020 and was recorded on February 27, 2020.
The property contains a total of 245,000 square feet of built space.
The average loan per unit is $301,471.
The last time the property sold was December 1, 2008, for $37,999,620.

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. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $592,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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