JCAL Development Group borrows $30M from Sterling National Bank for property in Mott Haven

Joshua Weissman of JCAL Development Group through the entity 329 East 132nd Street JV LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $30 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 91 residential units at 329 East 132nd Street in Mott Haven. The deal closed on February 28, 2020 and was recorded on April 21, 2020.
The property contains a total of 71,912 square feet of built space.
The average loan per unit is $329,670.
The last time the property sold was December 7, 2015, for $3,150,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 91 residential units on December 7, 2018.
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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $173,329.There has been one new building permit application totaling 66,396 square feet. Those plans include a total of 91 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link