REEC signs $40M construction loan with Related for East Harlem project Nightingale to buy

Real Estate Equities Corp. through the entity REEC Third Ave LLC as borrower signed a new construction loan with lender Related Companies through the entity RDF Agent LLC valued at $40 million for the 134,306-square-foot office development project at 2226 Third Avenue in East Harlem, Manhattan.
The deal closed on October 26, 2021 and was recorded on November 23, 2021.
The property has 33,736 square feet of built space and 155,958 square feet of additional air rights for a total buildable of 189,730 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,185 and the price per buildable square foot is $210 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Real Estate Equities Corp. was Mark A. Seigel. The signatory for Related Companies was Brian Sedrish.
(121209156) Plans for a 134,306 square-foot office building were filed on December 24, 2020 and were permitted on September 16, 2021.
REEC is in contract to sell the development site, with permits for a 134,000-square foot office building, to Nightingale Properties for an undisclosed price, as PincusCo reported.

Within a 400-foot radius of 2226 Third Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, three were loans above $5 million totaling $23.2 million. The most recent of the three was El Barrio Community Land Trust which borrowed $12.7 million from New York City Department of Housing Preservation and Development secured by the 1,071-square-foot, eight-unit rental (C4) on 2203 3rd Avenue and three other properties on December 8, 2020.

Direct link to Acris document. link