Hirshmark Capital buys $7.1M in debt secured by Clinton condo project from Knighthead

Hirshmark Capital through the entity 805 Ninth Avenue Funding, LLC bought $7.1 million in debt from Knighthead Funding‘s KHRE SMA Funding, LLC secured by 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 5 residential units at 805 Ninth Avenue in Clinton. The deal closed on June 12, 2020 and was recorded on August 11, 2020.
The property contains a total of 10,455 square feet of built space. The property has 15,055 square feet of available development rights.
The borrower is Hashem Dardashtian.

The original loan was composed of a $5.75 million land loan and a $1.35 million building loan. Dardashtian filed condominium plans in 2016 to convert a building into five residential condos and one commercial unit with a current sellout price of $18.4 million.  The last time the property sold was March 24, 2014, for $4,000,000.

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 10,455 square feet. Those plans include a total of 5 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link