Joel Schwartz borrows $13M from Tony Yaghouby’s Tideway Capital Group for property acquisition in Ocean Hill

Joel Schwartz through the entity Broadway 1884 LLC as borrower signed an acquisition loan agreement with lender Tony Yaghouby’s Tideway Capital Group through the entity Yta LLC valued at $12.7 million for 4 parcels, including the tax class church, synagogue, chapel (M1) and containing 3 residential units at 1884 Broadway, 1892 Broadway, 261 Hull Street, 257 Hull Street in Ocean Hill. The deal closed on February 5, 2020 and was recorded on February 14, 2020.
The property contains a total of 2,448 square feet of built space. The property has 32,816 square feet of available development rights.
The average loan per buildable square foot is $329.
The last time the property sold was April 16, 2008, for $1,120,000.

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 has been one new building permit application totaling 63,274 square feet. Those plans include a total of 66 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link