Phipps Houses obtains $27M construction loan for 52-unit project in Morrisania

Phipps Houses through the entity Brook 156 Associates, L.P. as borrower signed a loan agreement with lender Citibank valued at $27.2 million for 2 parcels, including the tax class railroads, private ownership (U6) at 740 Brook Avenue in Morrisania. The deal closed on October 1, 2020 and was recorded on October 27, 2020.
There has been one new building permit application totaling 45,578 square feet. Those plans include a total of 52 residential units.

Phipps was given an additional $699,999 loan from the city.

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.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link