Radson Development borrows $107M from NYC Housing Development Corp. for new construction in Far Rockaway

Daniel Rad’s Radson Development through the entity Radroc LLC as borrower signed a loan agreement with lender NYC Housing Development Corp. through the entity New York City Housing Development Corporation valued at $107.3 million for 2 parcels, including the tax class unlicensed parking lot (G7) at 10-18 Beach 20th Street, 19-38 Cornaga Avenue in Far Rockaway. The deal closed on December 20, 2019 and was recorded on January 7, 2020.

The last time the property sold was July 25, 2019, when the developer’s nonprofit partners bought it for $6,046,660, where they plan to build a 253-unit, affordable housing, mixed-use building.

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.There has been one new building permit application totaling 71,724 square feet. Those plans include a total of 80 residential units.
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