Starrett borrows $31M from Capital One for property in Bronx

Starrett Development through the entity Pl Preservation LLC as borrower signed a loan agreement with lender Capital One, National Association valued at $30.5 million for 3 parcels, including the tax class multifamily, fireproof (standard construction without stores) (D3) at 1965 Lafayette Avenue and others in Bronx. The deal closed on November 30, 2020 and was recorded on December 21, 2020.
The property has 549,318 square feet of built space and available development rights.
The average loan per buildable square foot is $32.
The last time the property sold was April 27, 2018, for $22,542,058.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $16,076,480.There has been one new building permit application totaling 101,351 square feet. Those plans include a total of 154 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link