R&B Development Group borrows $15M from Sterling National Bank for hotel property in Grand Central

Jeffrey Bennett and Refik Radoncic’s R&B Development Group through the entity E 46 Group LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $15.4 million for 1 parcel, including the tax class boutique hotel 10-100 rooms (HB) at 16 East 46th Street in Grand Central. The deal closed on March 19, 2020 and was recorded on March 20, 2020.
The property contains a total of 31,512 square feet of built space.
The average loan per buildable square foot is $489.
The last time the property sold was December 10, 2007, for $9,250,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 67 residential (or hotel) units on August 17, 2012.

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