Fifth Avenue Committee borrows $47.8M from JPMorgan Chase Bank, others, for development in Sunset Park

The Fifth Avenue Committee through the entity FAC Fourth Avenue L.P. as borrower signed a loan agreement with lenders JPMorgan Chase Bank, Greystone & Co. and the Metropolitan New York Synod, valued at $47.8 million for 2 parcels, including the tax class church, synagogue, chapel (M1) at 6301 4th Avenue, 414 63rd Street in Sunset Park. The deal closed on November 27, 2019 and was recorded on December 19, 2019. The bulk of the financing was given by JPMorgan Chase.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 58,764 square feet. Those plans include a total of 76 residential or hotel units. There have been 2 demolition projects filed over the past five years.
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