Heritage Equity Partners gets $48M construction loan from Madison Realty for property in Sunset Park

Toby Moskovits’s Heritage Equity Partners through the entity 875 4th Avenue Aquisition LLC as borrower signed a loan agreement with lender Madison Realty Capital through the entity 33rd St-4th Ave 1 LLC valued at $48 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 867 4th Avenue in Sunset Park. The deal closed on January 19, 2021 and was recorded on February 10, 2021.

This is a construction loan totaling $48 million composed of a land loan and $29.5 million building loan and a $2.5 million project loan. The last time the property sold was July 9, 2018 for $19,750,000.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $65,000.

There has been one new building permit application Those plans include a total of 150 residential units.

There have been 2 demolition projects filed over the past five years.

Direct link to Acris document. link