Ved Parkash borrows $8M from Peapack-Gladstone Bank for property in Tremont

Ved Parkash through the entity V & S 179 LLC as borrower signed a an acquisition loan agreement with lender Peapack-Gladstone Bank valued at $8.1 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 83 residential units at 165 East 179th Street in Tremont. The deal closed on May 29, 2020 and was recorded on June 11, 2020.
The property contains a total of 93,400 square feet of built space. The property has 117,863 square feet of available development rights.
The average loan per unit is $97,735.
This is an acquisition loan. Parkash bought the property for $12.48 million. The prior loan given by New York Community Bank was reduced from $9.625 million to $8.1 million. The last time the property sold was August 29, 2012, for $7,450,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link