Hope Community borrows $23M from Community Preservation Corp. for redevelopment in Central Harlem

=Hope Community through the entity Lenox Avenue Developer LLC as borrower signed a loan agreement with lender Community Preservation Corp. through the entity Cpc Funding Spe 1 LLC valued at $23.2 million for 7 parcels, including the tax class multifamily, more than six families with stores (C7) and containing 56 residential units at 406 Lenox Avenue, 424 Lenox Avenue, 426 Lenox Avenue, 135 West 132nd Street, 422 Lenox Avenue, and others in Central Harlem. The deal closed on December 3, 2019 and was recorded on January 14, 2020.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,106,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $30,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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