Milstein Properties borrows $46.5M from Wells Fargo for 280-unit rental in Carnegie Hill

Milstein Properties through the entity P & S 95th Street Associates LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $46.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 280 residential units at 1680 3rd Avenue in Carnegie Hill. The deal closed on December 10, 2020 and was recorded on December 22, 2020.
The property contains a total of 242,157 square feet of built space. The signatory for the lender was Christian Adrian.
The average loan per unit is $165,971.

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 $185,000.

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