Parkoff Organization borrows $29M from Signature Bank for multifamily property in Inwood

The Parkoff Organization through the entity Hawthorne Gardens LLC as borrower signed a loan agreement with lender Signature Bank valued at $29 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 146 residential units at 4861 Broadway in Inwood. The deal closed on February 3, 2020 and was recorded on February 10, 2020.
The property contains a total of 158,247 square feet of built space.
The average loan per unit is $198,630.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $368,625.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link