Larry Hirschfield gets $29.3M rehab loan for 125 units in Soundview

Larry Hirschfield through the entity Evergreen Tiebout LLC as borrower signed a rehab loan agreement with lender NYC Housing Development Corporation valued at $29.3 million for 2 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 125 residential units at 1160 Evergreen Avenue and 2240 Tiebout Avenue in Soundview. The deal closed on October 13, 2020 and was recorded on December 15, 2020.

The average loan per unit is $234,554.
This is a rehab construction loan, composed of an $18.3 million mortgage, an $8.7 million building loan and a $2.3 million project loan. The last time the property sold was July 18, 2019, for $9,200,000.

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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $842,190.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link