Timber Equities signs $26.5M construction loan for 52-unit project in Harlem
2460 Frederick Douglass Boulevard (Credit - Cyclomedia)
Timber Equities through the entity 2460 FDB Lp as borrower signed a construction loan with lender Webster Bank valued at $26.5 million for the property at 2460 Frederick Douglass Boulevard in Harlem, Manhattan.
The deal closed on April 17, 2024 and was recorded on April 29, 2024.
The owner bought the property on November 18, 2022, for $2.4 million. Joseph Seidenfeld signed for Timber Equities.
Timber Equities bought the parcel for $2.4 million from Shaul Kopelowitz, which was carved out of a larger tax lot 1.
Joseph Seidenfeld is a principal with Timber Equities. Timber Equities filed the 52-unit plans when it was still tax lot 1. The plans call for the construction of an 84-foot-tall, eight-story building and were filed with the New York City Department of Buildings under job number M00686955.
The block
On this tax block, PincusCo has identified the owners of eight of the 33 commercial properties representing 114,239 square feet of the 203,036 square feet. The largest owner is Andrew Wenzel, followed by Apperiostephanie and then Black Spruce Management.
On the tax block, there was one new building construction project filed totaling 58,075 square feet. It is a 52-unit, 58,075 square-foot residential (R-2) building submitted by Timber Equities and filed by Michel Perle with plans filed February 28, 2022 and permitted February 21, 2024.
The majority, or 68 percent of the 203,036 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.
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