Palin Enterprises borrows $6M from New York Community Bank for property in Lenox Hill

Palin Enterprises through the entity 232-234 East 77th Street, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $5.5 million for 2 parcels, including the tax class multifamily, old law tenements (C4) and containing 40 residential units at 232 East 77th Street, 234 East 77th Street in Lenox Hill. The deal closed on September 17, 2019 and was recorded on September 25, 2019.
The property contains a total of 10,020 square feet of built space. The property has 409 square feet of available development rights.
The average loan per unit is $138,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $115,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link