Forsyth Street obtained financing of $41M from New York City Housing Development

Forsyth Street through the entity Joe Central Brooklyn LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $40.8 million for 79 parcels, including the tax class four families (C3) and containing 571 residential units at 618 Chester Street, 441 Herzl Street, 769 Hopkinson Avenue, 865 Hopkinson Avenue, 431 Jefferson Avenue, and others in Brownsville. The deal closed on June 27, 2019 and was recorded on July 22, 2019.
The property contains a total of 646,118 square feet of built space. The property has 93,045 square feet of available development rights.
The average loan per unit is $71,523.
The last time the property sold was April 10, 2007, for $18,443,176.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $43,771.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Story link.

Share this article