Entity represented by Yechiel Newhouse borrows $91M from New York Community Bank for multifamily property in Central Harlem

An entity represented by Yechiel Newhouse, HPH Clayton, LLC (and others) as borrower signed a loan agreement with lender New York Community Bank valued at $90.8 million for 31 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 407 residential units at 2245 Adam C Powell Blvd, 2041 Adam C Powell Blvd, 173 West 133rd Street, 342 Lenox Avenue, 2285 Adam C Powell Blvd, and others in Central Harlem. The deal closed on December 20, 2019 and was recorded on January 3, 2020.
The portfolio has 384,286 square feet of built space and available development rights, according to an analysis by PincusCo.

The loan was provided to acquire the portfolio, and includes $19.7 million in new debt.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $564,400.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link