CW Realty borrows $10.3M from Bank Hapoalim for development site acquisition in Vinegar Hill

Cheskie Weisz’s CW Realty through the entity 251 Front LLC as borrower signed a loan agreement with lender Bank Hapoalim valued at $10.3 million for 1 parcel, including the tax class unlicensed parking lot (G7) at 251 Front Street also known as 68 Gold Street in Vinegar Hill. The deal closed on June 19, 2020 and was recorded on June 26, 2020.
The property has 39,982 square feet of available development rights.
The average loan per buildable square foot is $257.
The financing includes a $7.4 million gap loan, and paid off a $2.85 million loan held by SB One Bank.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one new building permit application totaling 39,866 square feet. Those plans include a total of 59 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link