Peter Serpico of Omnibuild borrows $10M from New York City Acquisition Fund for property in Mott Haven

Peter Serpico of Omnibuild through the entity E149Bx LLC as borrower signed a loan agreement with lender New York City Acquisition Fund LLC valued at $9.8 million for 6 parcels, including the tax class primarily two family with store or office (S2) at 290 East 149th Street, 292 East 149th Street, 303 East 148th Street, 299 East 148th Street, 297 East 148th Street, and others in Mott Haven. The deal closed on February 26, 2020 and was recorded on March 6, 2020.
The property has 73,529 square feet of available development rights.
The average loan per buildable square foot is $121.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $155,750.There has been one new building permit application totaling 112,263 square feet. Those plans include a total of 124 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 2 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link