Granit Gjonbalaj borrows $19M from SBT Advantage Bank for construction in Riverdale

Granit Gjonbalaj through the entity Webster Ave Propco LLC as borrower signed a new construction loan agreement with lender SBT Advantage Bank valued at $19 million for 1 parcel, including the tax class open outdoor recreation space (Q0) at 3254 Parkside Place in Riverdale. The deal closed on March 4, 2020 and was recorded on March 9, 2020.
The property has 67,128 square feet of available development rights.
The average loan per buildable square foot is $267.
The last time the property sold was March 13, 2018, for $1,625,000.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $40,000.There has been one new building permit application totaling 66,964 square feet. Those plans include a total of 98 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link