Olnick Organization borrows $10M from Capital One for rental property in Hamilton Heights

Olnick Organization through the entity Roc-West 153rd Street Associates, LLC as borrower signed a loan agreement with lender Capital One valued at $10.0 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 34 residential units at 542 West 153rd Street in Hamilton Heights. The deal closed on October 28, 2019 and was recorded on October 30, 2019.
The property contains a total of 29,442 square feet of built space. The property has 29,942 square feet of available development rights.
The average loan per unit is $294,118.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 34 residential (or hotel) units on October 26, 2017.
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 29,561 square feet. Those plans include a total of 34 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link