PCSB Bank Provides $4.45 Million Loan for Mixed-Use Property in Alphabet City
PCSB Bank has provided a $4.45 million loan for a mixed-use property located at 534 East 14th Street in Alphabet City, East Village.
PCSB Bank has provided a $4.45 million loan for a mixed-use property located at 534 East 14th Street in Alphabet City, East Village. The property is owned by Albert Dweck of Duke Properties and consists of 15 residential units (14 studios and 1 one-bedroom) and 2 ground floor retail units. The building has a total of 7,246 square feet.
The loan will be used to refinance the property. The property was previously financed by a $3.5 million loan from Signature Bank in 2016. The new loan from PCSB Bank has a 3.75% interest rate and a 5-year term.
The property is located in a prime location in Alphabet City, which has seen significant growth in recent years. The area is known for its trendy restaurants, bars, and nightlife. The property is also located near several parks and green spaces, including Tompkins Square Park and East River Park.
The buyer and seller were not disclosed. The brokers involved in the deal were also not disclosed.
Overall, the loan from PCSB Bank will provide the owner with the capital needed to continue to operate and maintain the property in a prime location in Alphabet City. The property’s mix of residential and retail units makes it a valuable asset in a growing neighborhood.