Sky Management borrows $10M from M&T Bank for multifamily property in Yorkville

Sky Management through the entity Benz 2008, LLC as borrower signed a loan agreement with lender Manufacturers And Traders Trust Company valued at $10.0 million for 2 parcels, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 40 residential units at 218 East 84th Street, 216 East 84th Street in Yorkville. The deal closed on January 2, 2020 and was recorded on January 6, 2020.
The property has 20,756 square feet of available development rights.
The average loan per unit is $250,000.

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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $56,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link