SUS Undercliff Housing Development Fund borrows $9M from NYC for property in Highbridge

Sus Undercliff Housing Development Fund Corporation as borrower signed a loan agreement with lender City Of New York (The) valued at $9.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 75 residential units at 1434 Undercliff Avenue in Highbridge. The deal closed on September 30, 2019 and was recorded on October 15, 2019.
The property contains a total of 49,818 square feet of built space. The property has 1,492 square feet of available development rights.
The average loan per unit is $119,582.
The last time the property sold was March 19, 2015, for $1,200,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 75 residential (or hotel) units on December 6, 2018.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $496,495.There has been one new building permit application totaling 49,111 square feet. Those plans include a total of 75 residential or hotel units. There have been 2 demolition projects filed over the past five years. The demolition included 5 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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