Building 89 JD Housing Development Fund Corp obtained financing of $33M from TD Bank

Building 89 JD Housing Development Fund Corp as borrower signed a loan agreement with lender TD Bank valued at $32.9 million for 1 parcel, including the tax class miscellaneous (H9) and containing 78 residential units at 161-01 89 Avenue in Jamaica. The deal closed on June 28, 2019 and was recorded on July 24, 2019.
The property contains a total of 26,243 square feet of built space. The property has 1,051 square feet of available development rights.
The average loan per unit is $422,401.
The last time the property sold was August 30, 2018, for $3,000,000.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel.There has been one new building permit application totaling 30,990 square feet. Those plans include a total of 70 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 50 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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