Hp W53 Housing Development Fund Company, Inc. borrows $23M from Suntrust Bank for property in Midtown West

Hp W53 Housing Development Fund Company, Inc. as borrower signed a loan agreement with lender Suntrust Bank valued at $22.8 million for 1 parcel, including the tax class multifamily, converted (D5) and containing 41 residential units at 328 West 53rd Street in Midtown West. The deal closed on September 23, 2019 and was recorded on October 10, 2019.
The property contains a total of 29,422 square feet of built space. The property has 24,923 square feet of available development rights.
The average loan per unit is $556,859.
The last time the property sold was October 2, 2014, for $25,207,767.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $147,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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