S.W. Management obtained financing of $8M from Deutsche Bank

S.W. Management through the entity 245 E. 19 Realty LLC as borrower signed a loan agreement with lender Deutsche Bank Trust Company Americas valued at $8.1 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 292 residential units at 329 2 Avenue in Gramercy. The deal closed on August 15, 2019 and was recorded on August 26, 2019.
The property contains a total of 303,394 square feet of built space.
The average loan per unit is $27,880.
This is a tranche B mortgage. Another for $75 million issued by Deutsche Bank was recorded in 2012. The last time the property sold was January 25, 2007, for $20,871,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 292 residential (or hotel) units on August 13, 2014.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $134,850. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,734,772.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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