Moinian Group borrows $105M from Bank of China for new rental in Clinton

Moinian Group through the entity Mezuyon Owner LLC as borrower signed a loan agreement with lender Bank of China through the entity Bank Of China, New York Branch valued at $105 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 164 residential units at the Oskar at 572 11th Avenue in Clinton. The deal closed on February 11, 2020 and was recorded on February 13, 2020.
The property contains a total of 184,117 square feet of built space.
The average loan per unit is $636,364.
The last time the property sold was March 17, 2004, for $11.4 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 164 residential units on May 17, 2018.
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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $510,000.There has been one new building permit application totaling 134,939 square feet. Those plans include a total of 164 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: This post was updated to reflect the purchase of two properties for a total of $11.4 million. The prior version only included the purchase of one of the parcels. The number of units was corrected from 165 to 164.