Fairstead borrows $75M from Greystone & Company for property in Central Harlem

Fairstead through the entity Harlen Housing Development Fund Corporation as borrower signed a loan agreement with lender Greystone & Company valued at $75.0 million for 2 parcels, including the tax class multifamily, converted (D5) and containing 213 residential units at 560 Lenox Avenue, 50 West 139th Street in Central Harlem. The deal closed on October 11, 2019 and was recorded on October 28, 2019.
The property contains a total of 89,418 square feet of built space.
The average loan per unit is $352,051.
Fairstead purchased the property for $75.5 million simultaneously with the loan.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $430,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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