Olshan Properties properties gets $93.6M construction loan from NYC for 221-unit project in Parkchester

Olshan Properties and NYC Housing Partnership through the entity PPC Purdy LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $93.6 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 1701 Purdy Street in Parkchester. The deal closed on December 17, 2020 and was recorded on January 7, 2021.

This is a new construction loan for 221 units of affordable housing.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $5,000.

Direct link to Acris document. link

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