Monadnock Development borrows $36M from Wells Fargo and NYC HPD for multifamily construction in Morrisania

Nicholas Lembo’s Monadnock Development through the entity New Roads Plaza Owner LLC as borrower signed a construction loan agreement with lender Wells Fargo and NYC Housing Preservation and Development through the entity New Roads Plaza Managing Member LLC valued at $35.5 million for 9 parcels, including the tax class unlicensed parking lot (G7) and containing 3 residential units at 986 Washington Avenue, 988 Washington Avenue, 992 Washington Avenue, 994 Washington Avenue, 996 Washington Avenue, and others in Morrisania. The deal closed on December 19, 2019 and was recorded on January 3, 2020.

Wells Fargo and the city’s HPD provided building loans as well as other debt.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $40,000.There have been 2 new building permit applications totaling 129,463 square feet. Those plans include a total of 190 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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