Riaz Badrudin Valani borrows $13M from Citibank for purchase of multifamily property in East Village

Riaz Badrudin Valani through the entity Tompkins Square Acquisition LLC as borrower signed a loan agreement with lender Citibank valued at $13.5 million for the purchase of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 6 residential units at 109 Avenue A in East Village. The deal closed on February 28, 2020 and was recorded on March 4, 2020.
The property contains a total of 16,581 square feet of built space.
The average loan per buildable square foot is $813.
The prior debt was $13.5 million provided by BankUnited. The last time the property sold was September 22, 2011, for $5,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 5 residential units on November 19, 2013.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $425,755.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link