Prospect Living LLC obtained financing of $7M from M&T Bank

Prospect Living LLC as borrower signed a loan agreement with lender M&T Bank valued at $7.0 million for 1 parcel, including the tax class loft with retail stores (L8) at 671 Prospect Avenue in Morrisania. The deal closed on July 02, 2019 and was recorded on July 19, 2019.
The property contains a total of 28,500 square feet of built space.
The average loan per buildable square foot is $246.
The last time the property sold was August 07, 2017, for $3,000,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $1,863,200. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $123,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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