Gideon Platt’s GP Properties obtained financing of $9M from Bridge Investment Group

Gideon Platt’s GP Properties through the entity 102 Convent Ave Partners LLC as borrower signed a loan agreement with lender Bridge Investment Group through the entity BDS III Mortgage Capital W LLC valued at $8.5 million for 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 34 residential units at 102 Convent Avenue in West Harlem. The deal closed on August 28, 2019 and was recorded on September 12, 2019.
The property contains a total of 24,465 square feet of built space. The property has 4,147 square feet of available development rights.
The average loan per unit is $250,000.
The last time the property sold was May 26, 2016, for $11,000,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $495,000. Those filings sought to increase the number of residential units by 5 to 39 There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $415,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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