Prana borrows $10.5M from New York Community for property purchase in Morningside Heights

Prana Investments through the entity 185-187 Claremont Ave. LLC as borrower signed a loan agreement with lender New York Community Bank valued at $10.5 million to purchase 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 62 residential units at 183 Claremont Avenue in Morningside Heights. The deal closed on August 5, 2020 and was recorded on August 11, 2020.
The property contains a total of 43,173 square feet of built space. The property has 60,173 square feet of available development rights.
The average loan per unit is $169,032.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $552,864.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link