1176 Nelson Avenue, LLC obtained financing of $5M from Sterling National Bank

1176 Nelson Avenue, LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $5.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 31 residential units at 1176 Nelson Avenue in Highbridge. The deal closed on August 21, 2019 and was recorded on September 09, 2019.
The property contains a total of 20,923 square feet of built space. The property has 435 square feet of available development rights.
The average loan per unit is $161,290.
The last time the property sold was October 16, 2015, for $500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 31 residential (or hotel) units on May 21, 2019.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 20,973 square feet. Those plans include a total of 31 residential or hotel units. There have been 4 demolition projects filed over the past five years. The demolition included 6 residential units.
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Direct link to the city’s interactive property map, ZOLA. link

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