Hudson Valley Property Group borrows $56M from Prudential for multifamily property in East Harlem

Jason Bordainick’s Hudson Valley Property Group through the entity Nerve Los Tres Preservation, LLC as borrower signed a loan agreement with lender Prudential through the entity Prudential Multifamily Mortgage, LLC valued at $55.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 135 residential units at 1680 Madison Avenue in East Harlem. The deal closed on February 28, 2020 and was recorded on March 5, 2020.

The average loan per unit is $411,326.
The last time the property sold was January 22, 2018, for $57,000,000.

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. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $123,195.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link