Ron Nortman borrows $15.5M from Popular Bank for newly completed 8-unit in LES

Ron Nortman through the entity DRK Chrystie LLC as borrower signed a loan agreement with lender Popular Bank valued at $15.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing eight residential units at 165 Chrystie Street in Lower East Side. The deal closed on September 24, 2020 and was recorded on October 7, 2020.
The property contains a total of 17,188 square feet of built space. The property has 19,918 square feet of available development rights. The building was given its initial TCO on September 18, 2020.
The average loan per buildable square foot is $778.
The loan refinances a $13.2 million construction loan and provides $2.4 million in new debt. The last time the property sold was December 12, 2013, for $8,400,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 17,141 square feet. Those plans include a total of 8 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link