Asian Americans for Equality borrows $38M from The City Of New York for property in East Village

Asian Americans for Equality through the entity East Village Homes Housing Development Fund Co Inc as borrower signed a loan agreement with lender The City Of New York valued at $38.2 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 302 East 2nd Street in East Village. The deal closed on October 18, 2019 and was recorded on October 28, 2019.
The property contains a total of square feet of built space. The property has 31,788 square feet of available development rights.
The average loan per buildable square foot is $1,202.

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 has been one new building permit application totaling 37,897 square feet. Those plans include a total of 45 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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