10 Street Ny LLC obtained financing of $6M from Tbg Funding LLC

10 Street Ny LLC as borrower signed a loan agreement with lender Tbg Funding LLC valued at $5.5 million for 1 parcel, including the tax class semi-fireproof office building (O5) at 38-47 10 Street in Long Island City. The deal closed on July 31, 2019 and was recorded on August 15, 2019.
The property contains a total of 33,768 square feet of built space. The property has 27,743 square feet of available development rights.
The average loan per buildable square foot is $163.
The last time the property sold was May 03, 2018, for $3,700,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $200,000.There has been one new building permit application totaling 33,662 square feet. Those plans include a total of 102 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article