Nexus Building Development Group obtained financing of $23M from Continental General Insurance Company

Nexus Building Development Group through the entity Bowery 260 Owner LLC as borrower signed a loan agreement with lender Continental General Insurance Company valued at $23.2 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 5 residential units at 258-260 Bowery in Nolita. The deal closed on August 22, 2019 and was recorded on September 03, 2019.
The property contains a total of 19,521 square feet of built space.
The average loan per buildable square foot is $1,040.
In 2015, Premier Equities signed an option to purchase or lease the property. The last time the property sold was November 18, 2015, for $10,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 19,523 square feet. Those plans include a total of 5 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 5 residential units.
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Direct link to the city’s interactive property map, ZOLA. link

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