Pinnacle Group borrows $7M from New York Community Bank for property in Clinton

Pinnacle Group’s West 50th Street Realty Co., LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.1 million for 3 parcels, including the tax class multifamily, old law tenements (C4) and containing 60 residential units at 544 West 50th Street, 546 West 50th Street, 548 West 50th Street in Clinton. The deal closed on September 26, 2019 and was recorded on October 11, 2019.
The property contains a total of 9,275 square feet of built space. The property has 18,266 square feet of available development rights.
The average loan per unit is $118,167.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link