Flatiron firm scores $55M for new Greenwich Village development
The recent buyer of a pair of adjacent Greenwich Village residential buildings has scored a $55 million loan to help fund a new project at the site, according to the law firm involved in the deal.
Real estate company AG Paratus, which is based in the Flatiron District, acquired the two buildings at 111-113 E. 12th St. late last month and subsequently secured the financing from Midtown-based lender G4 Capital Partners. A Cole Schotz team of Rab Nalavala, Leo Leyva, Jennifer Chung and Nicole Dlugosz-Howard advised G4 on the transaction.
The loan will go toward pre-development costs at the two properties, located between Third and Fourth avenues. AG Paratus intends to raze the lots, spanning roughly 5,300 square feet, and construct a new 56,000-square-foot development in their place.
Scott Avram, founder and managing partner of AG Paratus, filed plans with the Department of Buildings last week to demolish the two existing structures on the site. No. 111 is a six-story, approximately 8,300-square-foot mixed-use property with nine residential units and ground-floor commercial space occupied by marketing consultant Grand Central Marketing, while No. 113 also spans about 8,300 square feet but is just four stories tall with four residential units and ground-floor commercial space.
It is unclear exactly what type of development AG Paratus has in mind for the site. It is currently zoned to allow for a variety of uses, including a community facility and a mixed-use residential and retail project.
AG Paratus did not respond to requests for comment by press time.
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