Sharp Management borrows $36M from New York Community Bank for multifamily property in Kingsbridge

Sharp Management through the entity Mgsa I LLC as borrower signed a loan agreement with lender New York Community Bank valued at $35.5 million for 7 parcels, including the tax class multifamily, over six families without stores (C1) and containing 290 residential units at 3030 Heath Avenue, 2500 Webb Avenue, 3011 Heath Avenue, 2497 Grand Avenue, 2487 Grand Avenue, and others in Kingsbridge. The deal closed on November 21, 2019 and was recorded on December 11, 2019.

The average loan per unit is $122,566.

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 was one renovation/alteration project (A2) applied for with a total estimated value of $20,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link