Community Access borrows $109M from NYS, NYC, for new construction in Longwood Melrose

Community Access Inc. through the entity 1159 River Avenue Owners LLC as borrower signed a loan agreement with lender New York State Housing Finance Agency and the City of New York valued at $108.9 million for 1 parcel, including the tax class garage with two or more stories (G1) at 1159 River Avenue in Longwood Melrose. The deal closed on December 18, 2019 and was recorded on December 26, 2019.

The last time the property sold was August 15, 2018, for $11,332,750.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 201,136 square feet. Those plans include a total of 245 residential or hotel units. There have been 4 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link