SMJ Development borrows $15M from Community Preservation Corp. for new construction in East Village

SMJ Development through the entity SMJ EV Sponsor LLC as borrower signed a loan agreement with lender Community Preservation Corp. through the entity CPC Funding SPE 1 LLC valued at $14.6 million for 2 parcels, including the tax class primarily one to six families with stores or offices (S9) and containing 14 residential units at 204 Avenue A, 535 East 12th Street in East Village. The deal closed on December 18, 2019 and was recorded on December 24, 2019.
The property contains a total of 5,048 square feet of built space. The property has 9,491 square feet of available development rights.

The loan is for new construction, including the demolition of 204 Avenue A and the construction of a new, 10-unit building in its place.

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 has been one new building permit application totaling 10,589 square feet. Those plans include a total of 10 residential or hotel units. There has been one demolition project filed for the parcels over the past five years. The demolition included 6 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link