L+M Development Partners, Jonathan Rose Companies, Acacia Real Estate obtained financing of $242M from NYC Housing Development Corp.

L+M Development Partners, Jonathan Rose Companies, Acacia Real Estate through the entity SV-B OWNERS LLC as borrower signed a loan agreement with lender NYC Housing Development Corp. and others valued at $242.4 million for 3 parcels, including the tax class miscellaneous NYC (department of real estate and other public places) (V9) at 1681 Madison Avenue in East Harlem. The deal closed on June 27, 2019 and was recorded on July 11, 2019.
The property contains a total of 394,687 square feet of built space. The property has 394,687 square feet of available development rights.
The average loan per buildable square foot is $614.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel.There have been 2 new building permit applications totaling 789,138 square feet. Those plans include a total of 699 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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