Breaking Ground gets $243M construction, land loan for affordable project in Dumbo

Breaking Ground through the entity 90 Sands Housing Development Fund Corporation as borrower signed a loan agreement with lender The City Of New York valued at $243.4 million for 1 parcel, including the tax class dormitory (H8) at 90 Sands Street in Dumbo. The deal closed on October 22, 2020 and was recorded on November 18, 2020.
The property contains a total of 363,100 square feet of built space.
The average loan per buildable square foot is $432.
This is a $76.3 million construction loan on top of $167 million of previous debt. This is the conversion of a former Jehovah’s Witnesses residential hotel building into affordable housing. The last time the property sold was August 23, 2018 for $170 million.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $18,065,041. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,000,000.
Direct link to Acris document. link