Boomerang gets $26M construction loan from S3 Capital for 15-unit project in Yorkville

Boomerang Development Group through the entity Boomerang 79 LLC as borrower signed a new construction loan agreement with lender S3 Capital through the entity S3 Re 323 E 79Th Funding LLC valued at $26 million for 1 parcel, including the tax class office building with commercial with one to six stories (O5) at 323 East 79th Street in Yorkville. The deal closed on March 16, 2021 and was recorded on April 1, 2021.
There are plans filed and approved but not yet permitted for a residential project with 15 units with 26,763 square feet.
This is a new construction and acquisition loan. The last time the property sold was November 15, 2017 for $12,750,000.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $101,852.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link