Susan Edelstein borrows $5M from New York Community Bank for multifamily property in Washington Heights

Susan Edelstein through the entity Sherman-Nagle Realty Corp. as borrower signed a loan agreement with lender New York Community Bank valued at $5 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 72 residential units at 40 Thayer Street in Washington Heights. The deal closed on June 18, 2020 and was recorded on June 23, 2020.
The property contains a total of 51,070 square feet of built space. The property has 51,670 square feet of available development rights.
The average loan per unit is $69,444.
The financing included $1.7 million in new debt.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $185,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link