Zalmen Management borrows $9M from Signature Bank for property in Morrisania

Zalmen Management through the entity Beck St. LLC as borrower signed a loan agreement with lender Signature Bank valued at $9 million for 3 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 80 residential units at 676 Beck Street, 680 Beck Street, 686 Beck Street in Morrisania. The deal closed on August 27, 2020 and was recorded on August 31, 2020.
The property has 67,748 square feet of built space and available development rights.
The average loan per unit is $112,500.

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 $65,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link