BREAKING GROUND HOUSING DEVELOPMENT FUND obtained financing of $18M from NYC

BREAKING GROUND HOUSING DEVELOPMENT FUND CORPORATI as borrower signed a loan agreement with lender THE CITY OF NEW YORK valued at $17.9 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 652 residential units at 680 8 Avenue in Times Square. The deal closed on June 11, 2019 and was recorded on July 10, 2019.
The property contains a total of 211,466 square feet of built space.
The average loan per unit is $27,392.
The last time the property sold was October 01, 2011, for $542,227,812.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 652 residential (or hotel) units on August 31, 2012.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,256,290.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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