Jonathan Rose Companies borrows $6M from Merchants Capital for property in East Harlem

Jonathan Rose Companies through the entity East 124th Street LLC as borrower signed a loan agreement with lender Merchants Capital Corp. valued at $5.5 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 185 residential units at 245 East 124th Street in East Harlem. The deal closed on October 1, 2019 and was recorded on October 4, 2019.
The property contains a total of 208,526 square feet of built space.
The average loan per unit is $29,730.
The last time the property sold was July 23, 2004, for $2,500,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 185 residential (or hotel) units on July 18, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $84,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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