Riverbend Co-op signs $43M rehab construction loan in Central Harlem

The Riverbend Cooperative through the entity Riverbend Housing Company, Inc. as borrower signed a rehab construction loan with lender New York City Housing Development Corp. valued at $43 million for two co-op parcels including the 329-unit co-op (D4) at 2301 5th Avenue in Central Harlem, Manhattan and 629-unit co-op (D4) at 2289 5th Avenue in Central Harlem, Manhattan.
The deal closed on June 23, 2021 and was recorded on August 30, 2021.
The two properties have 820,787 square feet of built space and 130,132 square feet of additional air rights for a total buildable of 951,160 square feet according to PincusCo analysis of city data. The loan price per built square foot is $52 and the price per buildable square foot is $45 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 Riverbend Cooperative was Jose Ananias and Ace Valentine.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $2.1 million.
The existing $10 million loan was satisfied.
The owners according to the Department of Housing Preservation and Development includes Kyndell Reid, head officer and Kim Cunningham, officer. The business entities are Prestige Management and Riverbend Housing Company Inc.

Within a 400-foot radius of 2289 5th Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit application filed on August 9, 2021 for the $300,000 renovation of 198,628-square-foot RES building with 262 residential units at 15 West 139th Street.

Direct link to Acris document. link