Witnick Real Estate Partners borrows $11M from Signature Bank for acquisition of property in Lenox Hill

Isaac Abraham and Rami Ben-Yehuda of Witnick Real Estate Partners through the entity 227-231 E 59th Partners LLC as borrower signed a loan agreement with lender Signature Bank valued at $10.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 25 residential units at 227 East 59th Street in Lenox Hill. The deal closed on January 17, 2020 and was recorded on January 29, 2020.
The property contains a total of 25,400 square feet of built space.
The average loan per unit is $420,000.

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. There was one renovation/alteration project (A2) applied for with a total estimated value of $89,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link