Chestnut Holdings borrows $27.6M from New York Community for property in Bronx

Chestnut Holdings of New York through the entity Shalom Aleichem LLC as borrower signed a loan agreement with lender New York Community Bank valued at $27.6 million for 3 parcels, including the tax class multifamily, over six families without stores (C1) and containing 235 residential units at 3470 Cannon Place, 3605 Sedgwick Avenue, 3451 Giles Place in the Bronx. The deal closed on July 22, 2020 and was recorded on August 18, 2020.
The property has 297,552 square feet of built space and available development rights.
The average loan per unit is $117,587.
The maximum debt was reduced from the $29.55 million provided in 2016. The last time the property sold was March 4, 2013, for $22,000,000.

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. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $155,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link