Gotham Organization, RiseBoro borrow $446M from NYC Housing Development Corp. for new rental construction in Long Island City

Gotham Organization, RiseBoro Community Partnership through the entity Go Hps LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $446.1 million for 2 parcels, including the tax class not available at 2 Street, Center Boulevard in Long Island City. The deal closed on December 20, 2019 and was recorded on December 30, 2019.

Goldman Sachs invested $83 million in the 1,120-unit project.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 339,668 square feet. Those plans include a total of 443 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link