Monadnock Development borrows $20M from M&T Bank for development project in Mott Haven

Monadnock Development through the entity RAM Hotel LLC as borrower signed a loan agreement with lender M&T Bank valued at $19.5 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 110 East 149th Street in Mott Haven. The deal closed on October 29, 2019 and was recorded on November 8, 2019.
The property contains a total of square feet of built space. The property has 73,148 square feet of available development rights.
The average loan per buildable square foot is $267.

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 has been one new building permit application totaling 56,943 square feet. Those plans include a total of 152 residential or hotel units.
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Direct link to the city’s interactive property map, ZOLA. link

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