Sugar Hill Capital sells $11M loan to SME Capital secured by Happy Living project

Sugar Hill Capital Partners sold $11 million in debt to SME Capital Ventures that was originally provided in 2018 to Happy Living Development. The debt was composed of a $6.5 million building loan and a $4.5 million land loan.

The debt is secured by 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 441 West 37th Street in Hudson Yards. The deal closed on September 25, 2020 and was recorded on October 14, 2020.
There has been one new building permit application totaling 15,155 square feet. Those plans include a total of 9 residential units.

The signatory for Sugar Hill was managing partner Margaret Grossman. Levi Balkany and David Solnick the signatories for the 2018 loan. The last time the property sold was April 23, 2018, for $2,525,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications 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 $226,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link