Monadnock Development borrows $22M from NYC Housing Development Corporation for multifamily property in Central Harlem{

Monadnock Development through the entity Cloth Pillars I Housing Development Fund Corp as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $21.6 million for 2 parcels, including the tax class multifamily, over six families without stores (C1) and containing 88 residential units at 111 West 141st Street, 148 West 141st Street in Central Harlem. The deal closed on December 30, 2019 and was recorded on January 7, 2020.
The property contains a total of 26,165 square feet of built space.
The average loan per unit is $245,257.
The last time the property sold was October 29, 2015, for $9,750,000.

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 $2,153,200.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link