Radson Development borrows $65.7M from NYC for development in East New York

Radson Development through the entity Linden Terrace II LLC as borrower signed a loan agreement with lender New York City Housing Development Corporation valued at $65.7 million for 1 parcel, including the tax class land zoned residential, except not Manhattan below 110th Street (V0) at 573 Emerald Street in East New York. The deal closed on December 17, 2020 and was recorded on January 12, 2021.

The last time the property sold was April 20, 2016 for $6,200,000.  Radson filed plans in January 2019 for a 160-unit project. Those plans have not yet been permitted.

Direct link to Acris document. link