Silverback Development obtained financing of $26M from Oz Real Estate

Silverback Development through the entity Sd Second Avenue Property, LLC as borrower signed a loan agreement with lender Oz Real Estate through the entity 21St Street Lender, LLC valued at $25.8 million for 3 parcels, including the tax class primarily two family with store or office (S2) and containing 3 residential units at 351 2 Avenue, 353 2 Avenue, 359 2 Avenue in Gramercy. The deal closed on June 24, 2019 and was recorded on August 06, 2019.
The property contains a total of 60,568 square feet of built space. The property has 45,069 square feet of available development rights.
The average loan per buildable square foot is $426.
The last time the property sold was October 15, 2015, for $6,250,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. 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

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