Parag Sawhney borrows $6M from New York Community Bank for property in East Village

Parag Sawhney through the entity 150 E. Broadway Ny, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $6.4 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 9 residential units at 317 East 5th Street in East Village. The deal closed on September 10, 2019 and was recorded on September 25, 2019.
The property contains a total of 6,750 square feet of built space. The property has 2,959 square feet of available development rights.
The average loan per buildable square foot is $654.
The last time the property sold was October 11, 2018, for $6,100,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $420,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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