Jacob Schwimmer borrows $14M from S3 Capital for new construction in Mott Haven

Jacob Schwimmer through the entity 101 Bruckner Realty LLC as borrower signed a construction loan agreement with lender S3 Capital’s S3 RE Funding III LLC valued at $14.3 million for 1 parcel, including the tax class miscellaneous open space (Z9) at 101 Bruckner Boulevard in Mott Haven. The deal closed on February 13, 2020 and was recorded on April 1, 2020.
The property has 45,521 square feet of available development rights.
The average loan per buildable square foot is $314.

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 have been 2 new building permit applications totaling 45,521 square feet. Those plans include a total of 55 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link