Doe Fund borrows $64M from New York City Housing Development for new construction in Morrisania

Doe Fund through the entity 980 Westchester Owner LLC as borrower signed a construction loan agreement with lender New York City Housing Development Corporation valued at $63.5 million for 1 parcel, including the tax class vacant lot at 980 Westchester Avenue in Morrisania. The deal closed on December 20, 2019 and was recorded on January 17, 2020.
There has been one new building permit application totaling 124,767 square feet. Those plans include a total of 151 residential units.
The last time the property sold was December 20, 2019, when Doe Fund bought it from Peter Fine’s Atlantic Development Group for $4,283,744.

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 were 3 renovation/alteration projects (A2) applied for with a total estimated value of $256,060. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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