Pinnacle Group borrows $8M from New York Community Bank for property in Washington Heights

Pinnacle Group through the entity 509 Realty Co. LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.9 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 54 residential units at 509 West 155th Street in Washington Heights. The deal closed on August 20, 2019 and was recorded on October 9, 2019.
The property contains a total of 58,674 square feet of built space.
The average loan per unit is $146,444.

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 $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article