Sheryl Hempel gets $12.4M construction loan refi for 12-unit Lower East Side project

Sheryl Hempel through the entity 330 Grand LLC as borrower signed a loan agreement with lender Parkview Financial Reit, Lp valued at $12.4 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 330 Grand Street in Lower East Side. The deal closed on December 1, 2020 and was recorded on December 15, 2020.
The property has 11,900 square feet of available development rights.
The average loan per buildable square foot is $1,153.
This loan replaces $10.25 million land loan and building loan from Knighthead Funding. The last time the property sold was July 13, 2017, for $6,000,000.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 11,000 square feet. Those plans include a total of 12 residential units. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article