The Community Builders borrows $96M from NYC Housing Development Corp. for new construction in Far Rockaway

The Community Builders through the entity Beach 21st Limited Partnership as borrower signed a loan agreement with lender NYC Housing Development Corp. through the entity New York City Housing Development Corporation valued at $95.6 million for 1 parcel, including the tax class NY State or U.S. government (V8) at 10-47 Beach 21st Street in Far Rockaway. The deal closed on December 20, 2019 and was recorded on January 7, 2020.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 211,215 square feet. Those plans include a total of 224 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link