Premier Equities borrows $17.4M from Metropolitan Commercial Bank for commercial condos in Tribeca, Soho

Yoron Jacobi’s Premier Equities borrowed $17.4 million from Metropolitan Commercial Bank in two transactions.

In the first, Premier Equities through the entity 378 Broadway Realty, LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $8.7 million for 1 parcel, including the tax class commercial condominium unit (R5) at 376 Broadway in Tribeca. The deal closed on May 1, 2020 and was recorded on May 13, 2020.
The property contains a total of 11,000 square feet of built space.
The average loan per buildable square foot is $790.
The last time the property sold was January 18, 2019, when Premier sold it to City Storage Systems for $9,270,000, but Premier leased is back as a tenant under a 99-year lease.

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

In the second deal, Premier Equities through the entity 508 Broadway LLC as borrower signed a loan agreement with lender Metropolitan Commercial Bank valued at $8.7 million for 1 parcel, including the tax class commercial condominium unit at 508 Broadway in Soho. The deal closed on May 1, 2020 and was recorded on May 13, 2020.
The property contains a total of 3,896 square feet of built space.
The average loan per buildable square foot is $2,232.
The prior debt was $11.3 million given by Santander Bank and Sovereign Bank in 2018. Yoron Jacobi bought the unit in 2006 for $4.75 million.

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