Prana Investments borrows $7M from New York Community Bank for property in Tremont

Prana Investments through the entity 600 E. 178th St LLC as borrower signed a loan agreement with lender New York Community Bank valued at $7.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 43 residential units at 600 East 178th Street in Tremont. The deal closed on September 27, 2019 and was recorded on October 9, 2019.
The property contains a total of 47,191 square feet of built space. The property has 1,361 square feet of available development rights.
The average loan per unit is $162,791.
The last time the property sold was March 7, 2016, for $8,825,000.

Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $258,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link