Hung Pin Hung gets $6.8M construction loan for 24-unit project in Bedford-Stuyvesant

Hung Pin Hung through the entity 881 Lexington Avenue LLC as borrower signed a loan agreement with lender Investors Bank valued at $6.8 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 881 Lexington Avenue in Bedford-Stuyvesant. The deal closed on August 27, 2020 and was recorded on September 18, 2020.
The property has 18,000 square feet of available development rights.
The average loan per buildable square foot is $381.
The package includes a refinance of $1.5 million in existing debt originally provided by Isaac Fried, a $4.5 million building loan and an $839,500 project loan.

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 17,970 square feet. Those plans include a total of 24 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link