Hirshmark Capital buys $5M debt on Cayuga Capital’s Greenpoint development

Hirshmark Capital bought a $5 million loan secured by Cayuga Capital Management’s Greenpoint development project at 144 Greenpoint Avenue. Royal Business Bank sold the note.

The deal closed on October 13, 2020 and was recorded on October 29, 2020.
The property contains a total of 14,400 square feet of built space. The property has 22,836 square feet of available development rights.

Jeffrey Yeh of Royal Business Bank was the signatory who assigned the debt to Hirshmark. The last time the property sold was June 29, 2015, for $10,100,000. A listing from Meridian Investment Sales says the property has 28,000 square feet total buildable.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $40,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link