Regal Acquisitions borrows $7M from Republic First Bank to acquire property in Central Harlem

Regal Acquisitions through the entity Regal 286 Lenox LLC as borrower signed a loan agreement with lender Republic First Bank valued at $7 million for a new 15,012-square-foot building at 286 Lenox Avenue in Central Harlem. The deal closed on March 13, 2020 and was recorded on April 1, 2020.

Regal acquired this property through an assignment of lease from Real Estate Equities Corp. REEC had borrowed about $5 million in a construction loan which was assigned to the new lender Republic Bank.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on May 31, 2019.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $665,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $467,500.There has been one new building permit application totaling 15,012 square feet. There has been one demolition project filed for the parcels over the past five years. The demolition included 13 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link