Gerard V. Hannon borrows $5M from Citibank, N.A. for property in Prospect Heights

Gerard V. Hannon through the entity 206 Park Place LLC as borrower signed a loan agreement with lender Citibank, N.A. valued at $5.0 million for 1 parcel, including the tax class multifamily, five to six families (C2) and containing 6 residential units at 206 Park Place in Prospect Heights. The deal closed on August 22, 2019 and was recorded on October 16, 2019. The property contains a total of 6,000 square feet of built space. The property has 1,945 square feet of available development rights.nThe average loan per buildable square foot is $629.
The last time the property sold was June 20, 2013, for $4,300,000.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $1,217,584.nDirect link to Acris document. linknDirect link to the city’s interactive property map, ZOLA. link

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