Fairstead borrows $46M from Capital One for affordable multifamily property in Central Harlem

Fairstead through the entity 680 St. Nicholas Owner LLC as borrower signed a loan agreement with lender Capital One, National Association valued at $46.4 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 111 residential units at 680 St Nicholas Avenue in Central Harlem. The deal closed on December 30, 2019 and was recorded on January 7, 2020.
The property contains a total of 132,300 square feet of built space.
The average loan per unit is $418,018.
The last time the property sold was September 17, 2015, for $41,000,000.

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 5 renovation/alteration projects (A2) applied for with a total estimated value of $454,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link