PIMCO buys $9.5M note secured by 25-unit rental in East Village

PIMCO bought a note with an original principal of $9.5 million from Capital One secured by Farangis Lavian’s 25-unit rental (C7) at 214 1st Avenue in East Village, Manhattan.
The deal closed on September 28, 2021 and was recorded on October 14, 2021.
The property has 16,760 square feet of built space according to PincusCo analysis of city data.
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 $14,000.
The note was purchased by Pimco from Capital One. Pimco, Pacific Investment Management Co LLC, borrowed the money from Capital One through a collateral assignment of the loan, to complete the purchase and used the note as collateral. Agnes Crane at Pimco declined to comment on the actual transaction. This is at least PIMCO’s second note purchase in the past year. The other was PIMCO’s purchase of a $67.5 million note secured by Sam Chang’s hotel at 16 East 39th Street. Shortly after buying that note, PIMCO sued Chang to enforce a guaranty.
The owners according to the Department of Housing Preservation and Development includes George Lavian, head officer and Farangis Lavian, officer. The business entity is 214 First Realty Corp.

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