Alma Realty borrows $38M from New York Community Bank for multifamily property in Crown Heights

Alma Realty through the entity 545 Prospect Place Housing Development Fund Corp. as borrower signed a loan agreement with lender New York Community Bank valued at $37.6 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 159 residential units at 545 Prospect Place in Crown Heights. The deal closed on March 5, 2020 and was recorded on March 11, 2020.
The property contains a total of 172,800 square feet of built space.
The average loan per unit is $236,767.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $64,625.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link