Yehoshua Leib Fruchthandler borrows $39M from Signature Bank for multifamily property in Tremont

Yehoshua Leib Fruchthandler through the entity 2103 Honeywell LLC as borrower signed a loan agreement with lender Signature Bank valued at $38.5 million for 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 200 residential units at 883 East 180th Street in Tremont. The deal closed on May 18, 2020 and was recorded on May 22, 2020.
The property contains a total of 181,093 square feet of built space. The property has 264,100 square feet of available development rights.
The average loan per unit is $192,500.
Signature Bank provided $31.85 million in 2017. The last time the property sold was October 31, 2017, for $44,375,000.

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. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $105,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link