Wildflower Ltd. borrows $19M from CIT Bank for property acquisition in Hunts Point

Adam Gordon’s Wildflower Ltd. through the entity WF Industrial VIII LLC as borrower signed a loan agreement with lender CIT Bank valued at $19 million for 1 parcel, including the tax class miscellaneous open space (Z9) at 1341 Viele Avenue also known as 1340 East Bay Avenue in Hunts Point. The deal closed on June 17, 2020 and was recorded on June 26, 2020.
The property contains a total of 14,000 square feet of built space and 107,500 square feet of parking space. The property has 220,800 square feet of available development rights.
The average loan per buildable square foot is $79.
The financing includes a $17.5 million senior loan and a $1.5 million project loan. There was no prior debt assigned.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $150,000. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link