Jack Avid obtained financing of $11M from Investors Bank

Jack Avid through the entity Heather Brand Fourth LLC as borrower signed a loan agreement with lender Investors Bank valued at $10.5 million for 1 parcel, including the tax class transient occupancy hotel in midtown Manhattan area (H3) and containing 38 residential units at 340 Amsterdam Avenue in Upper West Side. The deal closed on July 17, 2019 and was recorded on July 31, 2019.
The property contains a total of 17,291 square feet of built space. The property has 4,920 square feet of available development rights.
The average loan per unit is $276,316.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 38 residential (or hotel) units on July 31, 2017.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel. There was one renovation/alteration project (A2) applied for with a total estimated value of $24,750.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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