Parkview provides $30M construction loan for LES apartment building

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Parkview Financial announced has provided a $30 million
construction loan to 63 Pitt Street, LLC for the construction of a 12-story,
59-unit, 40,773 s/f apartment building at 63 Pitt Street.

The site totals 5,025 s/f and is located on the west side of Pitt Street in the Lower East Side.

63 Pitt rendering

According to yimby, the site is owned by Damien Smith and previously
housed a five-story residential building with 16 units.

That building is being demolished to make way for a new 13-story
apartment building with 59 units, including 11 studios, 39 one-bedroom units
and nine two-bedroom units. Eighteen of the units will be allocated for
affordable housing.

The units will feature washer/dryers, full size kitchens
with upgraded appliances, hardwood flooring throughout, oversized windows, and
a 24/7 virtual doorman and Latch apartment entry. On-site amenities are planned
to offer tenants a rooftop deck, gym, package room, basement storage, laundry,
and bike storage.

Completion is anticipated for July 2022.

“This is Parkview’s first loan with this developer and our
second loan this year in the Lower East Side of Manhattan,” said Paul Rahimian,
CEO and Founder of Parkview Financial. “This area has been gentrifying since
the 2000s and with an abundance of nearby amenities, is a popular place to
live. New construction is commanding a premium here and that is expected to
continue as New York recovers from the effects of the pandemic.”

In February of this year, Parkview Financial provided a
$12.35 million construction loan for 12 residential condominiums at 330 Grand
Street, located a short walk from 63 Pitt Street. 330 Grand is being developed
via a hybrid modular construction method with the modular portion being
designed and manufactured in Turkey and then shipped to the site and installed
and is anticipated to be complete this summer.

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