Jean Hieber borrows $12.3M from Black Oak Projects LLC for construction in Tribeca

Jean Hieber through the entity Hieber Reade Street, LLC as borrower executed a construction loan agreement with lender Black Oak Projects LLC valued at $12.3 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 5 residential units at 66 Reade Street in Tribeca. The deal closed on June 4, 2020 and was recorded on June 26, 2020.
The property contains a total of 22,207 square feet of built space. The property has 1,454 square feet of available development rights.
The average loan per buildable square foot is $332.
Fred Taverna was the signatory for the borrower. The financing replaces $4.4 million lent by Gratitude Capital with the signatory Ian Axelrod.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,649,792. Those filings sought to increase the number of residential units by 5 to 5 There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $421,153.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link