Housing and Services Inc. obtained financing of $46M from Sterling National Bank

Housing and Services Inc. through the entity Bedford 203 Housing Development Fund Corporation as borrower signed a loan agreement with lender Sterling National Bank valued at $45.5 million for 1 parcel, including the tax class not zoned residential, but adjacent to 1-, 2-, 3-family dwelling (V2) at 211 East 203 Street in Riverdale. The deal closed on July 25, 2019 and was recorded on August 13, 2019.
The property contains a total of 61,753 square feet of built space. The property has 61,753 square feet of available development rights.

The average loan per buildable square foot is $737.
The last time the property sold was August 23, 2018, for $4,618,125.

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 71,133 square feet. Those plans include a total of 108 residential or hotel units.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article