Phipps Houses borrows $147M from NYC Housing Development Corp. for new construction in Far Rockaway

Phipps Houses through the entity FRY Phase 2 LIHTC LLC as borrower signed a loan agreement with lender NYC Housing Development Corp. through the entity Phipps Houses valued at $146.6 million for 2 parcels, including the tax class shopping center with parking facilities (K6) at 20-02 Mott Avenue, 20-10 Mott Avenue in Far Rockaway. The deal closed on December 30, 2019 and was recorded on January 14, 2020.

The loan package also includes $21 million in a “sponsor loan” provided by Phipps to the development entity, which was not included in the loan total.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $194,002. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: A prior version of this post included erroneous square foot and loan price per square foot data, which has been removed.

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