Penn South Capital borrows $30M from SG Capital Partners for the purchase of commercial property in West Village

Parag Sawhney and Raymond Chera’s Penn South Capital, a subsidiary of RAP Equities, through the entity 39 Clarkson LLC as borrower signed a loan agreement with lender SG Capital Partners LLC valued at $29.7 million for the purchase of 1 parcel, including the tax class light manufacturing building (F5) at 39 Clarkson Street in West Village. The deal closed on December 12, 2019 and was recorded on January 27, 2020.
The property contains a total of 29,967 square feet of built space.
The average loan per buildable square foot is $782.
The last time the property sold was June 16, 2017, for $29,163,200.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $4,681,000. Those filings sought to increase the number of residential units by 8 to 8 There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $376,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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