W Group borrows $40M from Monticello Asset Management for property in Riverdale

W Group through the entity 6355 Broadway LLC as borrower signed a loan agreement with lender Monticello Asset Management through the entity Monticello Structured Products, LLC valued at $40.0 million for 1 parcel, including the tax class adult care facility (I7) at 6355 Broadway in Riverdale. The deal closed on September 18, 2019 and was recorded on September 27, 2019.
The property contains a total of 66,000 square feet of built space. The property has 20,249 square feet of available development rights.
The average loan per buildable square foot is $464.
The financing package includes $12.3 million in new debt. The last time the property sold was April 7, 2017, for $15,000,000.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $100,200. Those filings sought to increase the number of residential units by 2 to 122 There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,359,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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