Sanjiv Chand borrows $5M from Starwood for multifamily property in East Village

Sanjiv Chand through the entity Sjg East Tenth Realty LLC as borrower signed a loan agreement with lender Starwood Mortgage Capital LLC valued at $5.1 million for 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 10 residential units at 251 East 10th Street in East Village. The deal closed on January 7, 2020 and was recorded on March 17, 2020.
The property contains a total of 9,015 square feet of built space. The property has 9,465 square feet of available development rights.
The average loan per buildable square foot is $539.
The last time the property sold was February 16, 2018, for $8,000,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $45,620.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link