Michael Besen borrows $21M from Greystone & Co. to refi multifamily property in Nolita

Michael Besen through the entity 49 Prince LLC as borrower signed a loan agreement with lender Greystone Servicing Company LLC valued at $21 million for 3 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 58 residential units at 49 Prince Street, 311 West 21st Street, 336 West 17th Street in Nolita. The deal closed on March 11, 2020 and was recorded on March 30, 2020.

The average loan per unit is $362,069.
The debt package includes $5 million in a gap loan.
Besen is founder and CEO of Besen Partners.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $664,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link