OTL Enterprises signs $4M loan for 10-unit rental in Lower East Side
OTL Enterprises through the entity 201 East Broadway Owner, LLC as borrower signed a acquisition loan with lender Metropolitan Commercial Bank valued at $4 million for the 10-unit residential elevator building (D7) at 201-203 East Broadway in Lower East Side, Manhattan.
The deal closed on June 2, 2025 and was recorded on June 20, 2025. The prior lender was Kranthi Vallabhaneni which held debt that had an original loan amount of $4 million.
The property has 22,694 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $176 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 18, 2015, for $8.5 million. The signatory for OTL Enterprises was Angelo Cosentini . The signatory for Metropolitan Commercial Bank was Dennis Graham and Ross Dahmen .
The property
The residential elevator building with 10 residential units in Lower East Side has 22,694 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 87 feet deep with a total lot size of 4,375 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation in the last year.
Development
On the lot, there is one active new building construction project, 122557928, for a 10-unit, 20,457 square-foot R-2 building. The project was submitted by Jeffrey Jacobs and filed by Daniel Wise with plans filed October 20, 2015 and permitted September 13, 2017. On the tax lot, the most recent condominium plan was filed by 201 EB DEVELOPMENT III, LLC to create 10 residential units and 1 commercial units in a building at 201 East Broadway in Lower East Side, Manhattan, called 201 East Broadway Condominiumthat has a $27.9 million sellout, according to an October 11, 2017 submission to the New York State Attorney General. The principal of the sponsor, 201 EB DEVELOPMENT III, LLC, was Jeffrey Jacobs.
The block
On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 94,879 square feet of the 133,927 square feet. The largest owner is Therese Oliva, followed by Hui Zhen Wang and then Mike Kui Kam Tong.
On the tax block, there was one new building construction project filed totaling 20,457 square feet. It is a 10-unit, 20,457 square-foot residential (R-2) building submitted by Jeffrey Jacobs and filed by Daniel Wise with plans filed October 20, 2015 and permitted April 25, 2017.
The majority, or 46 percent of the 133,927 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.
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