Civic Builders borrows $9M from Low Income Investment Fund for school property in Hunts Point

David Umansky’s Civic Builders through the entity Civic Properties, Inc.-Longfellow, as borrower signed a loan agreement with lender Low Income Investment Fund valued at $8.8 million for 1 parcel, including the tax class private schools (W8) at 950 Longfellow Avenue in Hunts Point. The deal closed on March 16, 2020 and was recorded on March 24, 2020.
The property contains a total of 6,135 square feet of built space. The property has 36,876 square feet of available development rights.
The average loan per buildable square foot is $238.
The last time the property sold was September 17, 2007, for $4,685,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link