Stewart House cooperative in East Village doubled debt to $23M

The Stewart House cooperative through the entity Stewart Tenants Corp. as borrower signed a loan agreement with lender Amalgamated Bank valued at $23 million for 1 parcel, including the tax class cooperative (D4) and containing 360 residential units at 70 East 10th Street in East Village. The deal closed on June 25, 2020 and was recorded on July 2, 2020.
The property contains a total of 718,220 square feet of built space.
The average loan per unit is $63,889.
The financing includes a $12 million gap loan.

Over the past five years, there have been 58 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 58 renovation/alteration projects (A2) applied for with a total estimated value of $8,664,837.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link