Goldfarb family borrows $36M from New York Community for rental in Carnegie Hill

The Goldfarb family of New Rochelle through the entity Fifth Ave. Dev. Company, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $36.2 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 61 residential units at 1160 Fifth Avenue in Carnegie Hill. The deal closed on December 2, 2020 and was recorded on December 7, 2020.
The property contains a total of 88,349 square feet of built space. The property has 88,349 square feet of available development rights.
The average loan per unit is $592,918.
The property is owned by the Goldfarb family including Marc and Philip, of New Rochelle.
Over the past five years, there have been 13 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 $620,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $1,490,816.

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