Joyland Group gets $10.8M rehab construction loan from Sterling National for property in Tremont

Joyland Group through the entity Arthur Joyjack Holdings LLC as borrower signed a loan agreement with lender Sterling National Bank valued at $10.8 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 1910 Arthur Avenue in Tremont. The deal closed on March 17, 2021 and was recorded on April 6, 2021.
The property contains a total of 65,181 square feet of built space.
The average loan per buildable square foot is $166.
The developer  Joyland through Joel Wertzberger signed a 70-year ground lease as tenant with fee owner Lazar Muller on April 7, 2020. At about the same time, the charter school Zeta as sub-tenant signed a lease with Joyland. The last time the property sold was May 24, 2017 for $10,500,000.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,780,000.0. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $300,000.

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