Slate Property Group borrows $11M from Signature Bank for property in Yorkville

Slate Property Group through the entity 1762-64 1st Avenue Owner LLC as borrower signed a loan agreement with lender Signature Bank valued at $11 million for 2 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 26 residential units at 1762 1st Avenue, 1764 1st Avenue in Yorkville. The deal closed on February 25, 2020 and was recorded on March 4, 2020.
The property has 47,006 square feet of available development rights.
The average loan per unit is $423,077.
The last time the property sold was December 11, 2017, for $13,875,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $503,300.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link