Johnson Development Associates obtained financing of $21M from Fifth Third Bank

Johnson Development Associates through the entity Jsf Park Avenue Cmpi, LLC as borrower signed a loan agreement with lender Fifth Third Bank valued at $21.1 million for 1 parcel, including the tax class warehouse or self storage (E7) at 3362 Park Avenue in Morrisania. The deal closed on August 23, 2019 and was recorded on August 28, 2019.
The property contains a total of 62,500 square feet of built space.
The average loan per buildable square foot is $338.
The last time the property sold was May 23, 2017, for $9,950,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 02, 2018.
Over the past five years, there have been 4 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 $6,125,023. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $678,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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