Owner borrows $11M from Signature Bank for multifamily property in Chinatown

UPDATED 10:10 a.m, January 16, 2025: The entity 13-15 Essex Street, LLC as borrower signed a loan agreement with lender Signature Bank valued at $11.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 44 residential units at 13 Essex Street in Chinatown. The deal closed on December 5, 2019 and was recorded on December 9, 2019.
The property contains a total of 21,162 square feet of built space. The property has 26,491 square feet of available development rights.
The average loan per unit is $250,000.
The last time the property sold was March 31, 2010, for $11,000,000.

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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $75,720.

UPDATED: The post was updated to remove a name for privacy reasons.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link