Nexus Development refis with $26.5M from Be-Aviv for new building in East Village

Nexus Development through the entity Avenue Second Owner LLC as borrower signed a loan agreement with lender Be-Aviv through the entity Be-Aviv 2nd Avenue LLC valued at $26.5 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) and containing 21 residential units at 119 2nd Avenue in East Village. The deal closed on October 9, 2020 and was recorded on November 19, 2020.
The property contains a total of 28,540 square feet of built space.
The average loan per unit is $1,261,905.
This loan replaces a $23.5 million construction and land loan from Bank Leumi. The signature for Nexus was Yaniv Cohen. The developers filed for a TCO in July 2020 but the city has not yet issued the TCO. The last time the property sold was May 2, 2017 for $9,150,000.

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 22,650 square feet. Those plans include a total of 21 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 5 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link