2BT Housing Development Fund Corporation obtained financing of $15M from NYC HPD

2BT Housing Development Fund Corporation as borrower signed a loan agreement with lender The City Of New York Department Of Housing Preservation and Development valued at $15.3 million for 2 parcels, including the tax class multifamily, miscellaneous (D9) and containing 198 residential units at 82 Rutgers Slip, 235 Cherry Street in Chinatown. The deal closed on June 27, 2019 and was recorded on July 19, 2019.
The property contains a total of 609,336 square feet of built space. The property has 337,536 square feet of available development rights.
The average loan per unit is $77,450.
The last time the property sold was March 31, 2014, for $18,185,407.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $80,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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