Cloth Amsterdam TPT Housing Development Fund Corp. borrows $21M from Sterling National Bank for construction in Central Harlem

Cloth Amsterdam TPT Housing Development Fund Corp. as borrower signed a loan agreement with lender The City Of New York valued at $21.3 million for 4 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 75 residential units at 2794 Fredrick Douglass Boulevard, 2185 Amsterdam Avenue, 2488 Adam C Powell Blvd, 2110 Amsterdam Avenue in Central Harlem. The deal closed on October 17, 2019 and was recorded on October 24, 2019.
The property contains a total of 14,428 square feet of built space.
The average loan per unit is $350,092.
This is a construction loan composed of a building loan, a project loan and a subordinate building loan.

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 $3,133,440. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $75,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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