Lemle & Wolff borrows $32.4M from Sterling to build 72 units in Soundview

Lemle & Wolff Companies and Neighborhood Restore through the entity Soundview Park Townhomes LLC as borrower signed a new construction loan agreement with lender Sterling National Bank valued at $32.4 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 351 Bronx River Avenue in Soundview. The deal closed on September 30, 1930 and was recorded on October 16, 2020.
The property has 93,771 square feet of available development rights.
The average loan per buildable square foot is $346.
This is for the construction of 72 affordable units in 10 walk-up buildings with four stories each, according to the loan documents. NYCHA sold the property for $380,000 on the same day, September 30, 2020. The signatory for Lemle & Wolff was Michael Sturmer and for Neighborhood Restore was Salvatore D’Avola.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 9 new building permit applications totaling 69,646 square feet. Those plans include a total of 64 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link