Northeast Bank buys $16.3M note secured by Bijan Nassi’s 220 PAS

Northeast Bank bought a note with an original principal of $16.3 million from Sterling National Bank secured by Bijan Nassi’s 37-unit rental (D7) at 220 Park Avenue South in Flatiron, Manhattan.
The deal closed on April 2, 2021 and was recorded on May 13, 2021.
The property has 33,638 square feet of built space and 0 square feet of additional air rights for a total buildable of 33,010 square feet according to PincusCo analysis of city data.
The owner bought the property on 6-Jul-11, for $20 million.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $2.4 million. (102813608) One of the projects were to change the building from a C to an F-4 and change the number of residential units from 0 to 37 and were permitted on November 18, 2002.
Northeast is an active note buyer. This $16.3 million loan was given in 2015.
The owners according to the Department of Housing Preservation and Development include Bijan Nassi, head officer and Debra Cohen, officer. The business entity is Park Avenue South, Llc.

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