Son Dinh Tran signs $11M acquisition loan with Signature Bank for two rentals in Washington Heights

Son Dinh Tran through the entity 1520-1526 St Nicholas Ave LLC as borrower signed a acquisition loan with lender Signature Bank valued at $11 million for two rentals including the 24-unit rental (C7) at 1520 St Nicholas Avenue in Washington Heights, Manhattan and 18-unit rental (C7) at 1526 St Nicholas Avenue in Washington Heights, Manhattan.
The deal closed on July 21, 2021 and was recorded on August 13, 2021.
The two properties have 39,832 square feet of built space and 0 square feet of additional air rights for a total buildable of 34,400 square feet according to PincusCo analysis of city data. The loan price per built square foot is $276 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Son Dinh Tran was Son Dinh Tran. The signatory for Signature Bank was Sonia Arias.
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.

Within a 400-foot radius of 1520 St Nicholas Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on October 3, 2019 for the $450,000.0 renovation of 4,521-square-foot R-2 building with seven residential units at 605 W 187th Street.
One of those three items was a sale which SDG Management bought the 46,862-square-foot, 46-unit rental (D7) on 1509 St Nicholas Avenue for $7.7 million from Mitchell Hirth on January 8, 2021.
One of those three items was a loan which SDG Management borrowed $7.3 million from Signature Bank secured by the 46,862-square-foot, 46-unit rental (D7) on 1509 St Nicholas Avenue on January 8, 2021.

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