Jacob Schwimmer gets $54M construction loan from S3 Capital for project in Mott Haven

Jacob Schwimmer through the entity GC Capital Group LLC as borrower signed a loan agreement with lender S3 Capital through the entity S3 RE 276 GC Funding LLC valued at $54 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 276 Grand Concourse in Mott Haven. The deal closed on November 6, 2020 and was recorded on November 18, 2020.
The property has 168,054 square feet of available development rights.

This is a new construction loan, composed of $38.8 million building loan, $3.7 million project loan and $11.5 million land loan. The last time the property sold was October 23, 2018 for $10,300,000.

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 has been one new building permit application totaling 150,562 square feet. Those plans include a total of 215 residential units. There have been 2 demolition projects filed over the past five years.
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