The Midtown East Cloister co-op borrows $10M from NCB

The Cloister cooperative building through the entity Cloister Owners Corp. as borrower signed a loan agreement with lender National Consumer Cooperative Bank valued at $10 million for 1 parcel, including the tax class cooperative (D4) and containing 143 residential units at the Cloister at 321 East 43rd Street in Midtown East. The deal closed on June 30, 2020 and was recorded on July 8, 2020.
The property contains a total of 94,516 square feet of built space.
The average loan per unit is $69,930.
This is all 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 $273,032.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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