Cottonwood Management refinances new development in Garment District with $26M EB-5 loan

Cottonwood Management through the entity 5th Ave Gateway Land, LLC as borrower signed a loan agreement with lender in care of Celona Asset Management through the entity Seattle EB-5 Fund I, LLC valued at $26 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 316 Fifth Avenue in the Garment District. The deal closed on June 30, 2020 and was recorded on July 7, 2020.

The last time the property sold was May 12, 2016, for $19,287,375. Yimby reported earlier this year that the project had appeared stalled. Cottonwood chairman Hon Kit Shing was signatory for the borrower.

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 has been one new building permit application totaling 59,149 square feet. Those plans include a total of 27 residential units. There have been 2 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