Morris Schreiber borrows $30M from Apple Bank for multifamily property in Morningside Heights

Morris Schreiber through the entity Mayflower Development Corporation as borrower signed a loan agreement with lender Apple Bank For Savings valued at $30 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 178 residential units at 425 Riverside Drive in Morningside Heights. The deal closed on July 2, 2020 and was recorded on July 8, 2020.
The property contains a total of 263,040 square feet of built space.
The average loan per unit is $168,539.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,500. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $576,060.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link